Tue. Nov 12th, 2019

U.S. stocks skid lower at the open as government bond yields stumble

1 min read

U.S. stock indexes on Tuesday opened lower as investors appeared to await guidance from the Federal Reserve on monetary policy–a key catalysts for a market that has been beset by worries about an impending economic recession. The Dow Jones Industrial Average

DJIA, -0.30%

fell 63 points, or 0.2%, to 26,075, the S&P 500 index

SPX, -0.50%

retreated 0.4% to 2,911, while the Nasdaq Composite Index

COMP, -0.36%

skidded 0.4% lower to 7,970. Investors were watching quarterly reports from major retailers including Home Depot Inc.

HD, +3.91%

and Kohl’s Corp.

KSS, -1.87%.

Meanwhile, President Donald Trump on Monday said the Fed should cut benchmark rates by 1 percentage point from its current range of 2%-2.25%, which is viewed as aggressive policy for a U.S. economy considered slowing but not in the throes of a recession. A slide in bond yields, as prices gain, has been also unsettling investors. The 10-year Treasury bond yields

TMUBMUSD10Y, -3.73%

1.55%, off more than 4 basis points, from its level on Monday.

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