U.S. Stocks Open Lower on Worries of Economic Slowdown
2022.09.01 17:22
By Liz Moyer
Investing.com — U.S. stocks opened lower on Thursday, extending a losing streak to a fifth day to start off the month.
At 9:43 ET (13:43 GMT), the Dow Jones Industrial Average was down 152 points, or 0.5%, while the S&P 500 0.6% and the NASDAQ Composite 0.7%.
The markets ended August on a down note and now enter September with the Federal Reserve set to make another move on interest rates. September also happens to be the worst month of the year for the stock markets, historically.
New Covid-19-related lockdowns in parts of China is adding to the anxiety about the possibility of an economic slowdown, which is weighing on stocks and oil prices.
Initial jobless claims fell to 232,000 last week, which was lower than expected. The full August jobs report comes out Friday, with analysts expecting the economy added 300,000 positions.
Later this morning, a reading on manufacturing activity is due out. Investors could perceive a weakening number as good for stocks because it might encourage the Fed to act less aggressively.
Shares of Okta Inc (NASDAQ:OKTA), an identity authentication app, fell 30% after it said it was having issues integrating Auth0 after acquiring it last year.
Campbell Soup Company (NYSE:CPB) shares fell 5% despite offering a better-than-expected outlook, noting price increases for its packaged meals and canned soups.
Oil fell. WTI was down 2.2%, to $87.64 a barrel, while Brent crude was down 2.1%, to $93.68 a barrel. Gold shed 1%, to $1709.
