NEW YORK — Stocks are opening broadly lower on Wall Street as investors pull back over concerns that economic shutdowns will accelerate with the increasing spread of coronavirus cases in the U.S. and Europe.
The S&P 500 lost 0.9% in the early going today. The index is coming off its first weekly loss in four weeks.
Travel-related companies like cruise lines, which stand to suffer outsize losses if shutdowns continue, took hefty losses.
Meanwhile in Washington, talks are still stalled on providing more badly needed economic aid for American people and businesses hurt by virus shutdowns.
Treasury yields fell.
European markets and oil prices also fell.
France’s CAC 40 was down 0.8% at 4,869 while the FTSE 100 index of leading British shares slipped 0.3% to 5,844. Germany’s DAX underperformed its European counterparts, falling 2.5% to 12,325, following a downbeat economic survey from the Ifo Institute showed optimism in Europe’s largest economy waning after five straight months of gains.