Stocks open lower on Wall Street, extending market’s losses

NEW YORK — Stocks are opening lower on Wall Street following drops in overseas markets, continuing a losing streak for U.S. markets that has brought the benchmark S&P 500 index down for three weeks in a row.

Energy companies had the biggest losses in the early going today as crude oil prices fell more than 5%.

Banks, industrials and big technology companies were also lower.

The S&P 500 was down 0.7%. Prices for ultra-safe U.S. government bonds rose as traders shied away from risk.

Shanghai’s stock index sank 5.1% as China reinforced its stringent pandemic policies while case numbers rose.