Markets Right Now: Stocks open lower on Wall Street
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are opening broadly lower on Wall Street as traders worry about the impact on U.S. companies of a slowdown in China’s economy.
Caterpillar dropped 8.2 percent in early trading Monday after the heavy equipment maker reported earnings that were far below what analysts were expecting. The company said it sales were slowing in China.
Chipmaker Nvidia sank 17.6 percent after issuing a poor outlook, also blaming weakness in China.
The S&P 500 index fell 29 points, or 1.1 percent, to 2,635.
The Dow Jones Industrial Average lost 329 points, or 1.3 percent, to 24,407. The Nasdaq dropped 104 points, or 1.5 percent, to 7,056.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.74 percent.