Wall Street opens in red amid concerns over slowdown in global economy
- Disappointing data from the euro area weigh on market sentiment.
- Falling US Treasury bond yields drag financial shares lower on Monday.
Wall Street's main indexes started the day in the negative territory on Monday as resurfacing worries over a global economic slowdown after disappointing PMI data from the euro area and uncertainty surrounding the US-China trade conflict cause investors to move toward safe-haven assets such as US Treasury bonds.
As of writing, the Dow Jones Industrial Average was down 0.35% on the day while the S&P 500 and the Nasdaq Composite were both erasing 0.2%.
Among the 11 S&P 500 major sectors, the Financials Index is down around 0.5% pressured by a more-than-2% fall in the 10-year US T-bond yield.
On the other hand, the defensive Real Estate and Consumer Staples indexes are posting modest gains to reflect the risk-off atmosphere.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
