Sunday, 29 May 2022

Wall St slides at open as rising bond yields hit growth stocks

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 5, 2022. REUTERS/Andrew Kelly

(Reuters) – Wall Street’s major indexes opened lower on Monday as rising U.S. Treasury yields amid prospects of aggressive monetary policy tightening weighed on growth stocks, with the sentiment taking a hit from fears of an economic slowdown in China.

The Dow Jones Industrial Average fell 214.2 points, or 0.65%, at the open to 32685.17. The S&P 500 fell 42.1 points, or 1.02%, at the open to 4081.27, while the Nasdaq Composite dropped 221.6 points, or 1.82%, to 11923.029 at the opening bell.

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