Wall Street stocks fell early on Tuesday September 10th, with consumer and technology shares especially weak as the European Central Bank is expected to unveil new stimulus measures on Thursday September 12th, meanwhile the Federal Reserve is seen as likely to cut interest rates again on September 18th.
Large banks outperformed the broader market for a second straight day as the yield on US Treasury bonds increased, according to AFP.
The Dow Jones Industrial Average stood at 26,772.22, down 0.2% about 15 minutes into trading.
The broad-based S&P 500 shed 0.6% to 2,961.09, while the tech-rich Nasdaq Composite Index fell 0.9% to 8,016.11.
Moody’s downgraded Ford to the highest junk rating, Ba1, saying the carmaker’s cash flow and profit margins are below expectations and likely to remain weak over the next two years.
A California labour bill, set to pass this week, would force Uber and Lyft to treat their drivers as full-time employees instead of independent contractors. The new classification would guarantee drivers a minimum wage and benefits such as unemployment compensation and paid sick leave.
However, Uber and Lyft have fought against the bill, arguing it would create fewer job opportunities and increase prices for customers.