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Investing.com — U.S. stocks opened lower on Monday as investors braced for the start of earnings season and June inflation data ahead.
At 9:40 AM ET, the Dow Jones Industrial Average fell 164 points, or 0.5%, while the S&P 500 fell 1% and the NASDAQ Composite fell 1.8%.
Despite the strong job market, investors are still worried about recession and are awaiting word from corporate chiefs about costs, supply chains and their view on the next few months of business conditions. On Wednesday, investors will get the consumer price index print for June. Analysts expect a month-over-month rise of 1.1% and 12-month rise of 8.8%.
Also weighing on stocks on Monday was the prospect of shutdowns in China because of Covid. Several cities are imposing new restrictions, including the gaming center Macau. That is weighing on casino stocks such as Las Vegas Sands Corp (NYSE:LVS), down 6%, and Wynn Resorts Limited (NASDAQ:WYNN), down 6%.
Twitter Inc (NYSE:TWTR)shares fell 6% Monday as the social media company prepared to sue Elon Musk for his attempt to walk away from a $44 billion take-private offer. Musk, the CEO of Tesla (NASDAQ:TSLA), says he can’t confirm the number of fake accounts on the platform. Twitter points to a $54.20 a share offer.
Shares of Amazon.com Inc (NASDAQ:AMZN) fell 2.7% lower in premarket trading as the e-commerce giant got ready to officially kick off Prime Day, it’s multi-hour sales push that has competitors such as Walmart (NYSE:WMT) and Target (NYSE:TGT) making sales deals of their own.
Oil fell. Crude Oil WTI Futures was down 1.7%, to $103.03 a barrel, while Brent Oil Futures was down 1.6%, to $105.35. Gold Futures dipped 0.4%, to $1,735.
