US stocks open lower for second straight session

Haresh Menghani FXStreet

On the last trading day of the week, major US equity indices opened sharply lower for the second straight session, partly driven by renewed weakness in crude oil prices. WTI crude oil extended the corrective slide and is now inching back closer to the $50.00 psychological mark.

During opening trade, the Dow Jones Industrial Average recorded steep losses of over 100 points and dropped close to 18,000 mark, while the broader S&P 500 index gave up 11 points to 21,30. Meanwhile, tech-heavy, Nasdaq Composite Index fell 15 points to 5,225.

Investors on Friday were also worried over a broad based greenback strength, with the overall US Dollar Index storming to 8-month highs, as it tends weigh on earnings for multinational companies, which is eventually weighing on equity markets.

In other markets, the shared currency extended its bearish slide and the EUR/USD major dropped to seven month low as investors digested the outcome of Thursday's ECB monetary policy meeting. Meanwhile, gold managed to regain its lost ground amid prevalent risk-off mood.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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