Economic news

U.S. stocks dip at open due to retreat in tech sector

Wall Street opened in the red on Tuesday as weak outlooks from retailers for the holiday quarter added to extended worries over slowing demand for iPhones.

Photo: Reuters

The Dow Jones Industrial Average slumped 1.59 percent to 24,618.68. The S&P 500 was down 1.34 percent, at 2,654.60. The Nasdaq Composite tumbled 2.29 percent, to 6,867.43.

Shares in Target tumbled 9.9 percent after it reported a weaker-than-predicted third-quarter profit. Department store operator Kohl’s Corp slumped 10.9 percent after its earnings outlook for the year failed to impress investors.

Shares of IT-giants fell, with Facebook Inc, Inc, Netflix Inc and Alphabet Inc lossing between 1.3 percent and 4 percent.

Boeing Co led the declines among the Dow firms, dipping 3.3 percent.

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