Yahoo Finance Stocks - Wall Street Remains Cautious as Saudi Tensions, Weak Retail Sales Weigh
Investing.com - Wall Street opened lower on Monday as concerns over geopolitical tensions related to Saudi Arabia and a weak reading on U.S. retail sales added to caution seen in the previous week.
At 9:34 AM ET (13:34G MT), the Dow Jones fell 50 points, or 0.2%, the S&P 500 lost 7 points, or 0.27%, while the Nasdaq Composite traded down 39 points, or 0.52%.
Even though U.S. stocks finished almost 300 points higher last Friday, they ended with weekly losses of around 4%, the largest decline since March, as worries about the impact of a U.S.-China trade war, a spike in U.S. bond yields and caution ahead of the earnings season all dampened sentiment.
Adding to market concerns, diplomatic tensions escalated over the weekend between Saudi Arabia and the West over the disappearance of journalist Jamal Khashoggi, who was a prominent critic of Riyadh's policies.
On the economic front, September retail sales also disappointed, with a small gain of just 0.1% , missing forecasts for a 0.7% rise.
On a positive note, the New York Fed’s Empire State manufacturing index showed stronger-than-expected factory activity in October.
In company news, Bank of America (NYSE:BAC) reported earnings that beat consensus.
Also in business headlines, Sears Holdings (NASDAQ:SHLD) filed for bankruptcy early Monday after years of staying afloat through financial maneuvering and announced that Eddie Lampert will be stepping down as CEO, effective immediately, although he remains its chairman.
Meanwhile, oil prices were higher to start the week, as geopolitical tensions over the disappearance of the Saudi journalist stoked supply worries.
Safe-haven assets also received a boost from risk-off sentiment with gold, the Japanese yen and Swiss franc all heading higher.
Related Articles
Seven international banks agree to launch digital trade finance network
Corona brewer Constellation Brands' CEO Rob Sands to step down
