Wall Street starts sharply lower as selloff continues
Shares on Wall Street started the session on Wednesday with sharp losses as coronavirus impact continues to weigh on the markets. United States President Donald Trump warned of “very, very painful two weeks” that are coming with an expected peak in coronavirus spread and new deaths around Easter. Meanwhile, there have reportedly been no talks yet in the White House about the next stimulus package, which Trump said should focus on infrastructure.
In data, ADP and Moody’s Analytics said that employers in the US have cut 27,000 jobs in early March, a much lower number than expected, although the biggest reductions are yet to be reported.
The Dow Jones Industrial Average opened 3.95% in the red, or 885 points lower, after finishing the worst-ever first quarter in history yesterday. Boeing was the worst perfomer, down nearly 7%. The Nasdaq 100 fell 2.75% and the S&P 500 tumbled 3.79% at the opening bell. American Airlines led the losses on the Nasdaq, losing over 8%.
The euro declined 0.96% at 9:32 am ET, selling for $1.09271.
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