NEW YORK — Stocks are opening lower on Wall Street, continuing a weak stretch on this holiday-shortened week. The S&P 500 slipped 0.4% in the early going Wednesday. The Dow fell 131 points, or 0.4%, and the Nasdaq composite gave back 0.4%. Crude oil prices were stable and Treasury yields were little changed. Roku jumped 12.5% after saying it would cut 10% of its staff. The company also raised its forecast for quarterly revenue.
The dominant economic theme continues to be inflation and interest rates, which the Federal Reserve has boosted in an effort to bring down prices. Investors are hoping that the Fed might moderate interest rate increases going forward as inflation has been easing for months. Elsewhere, losses in Hong Kong were trimmed by surging prices for heavyweight property companies after a Chinese media report raised hopes for new measures to prop up the real estate sector.
Country Garden, an industry leader facing massive liabilities in the slowing market, gained 20.8%. The developer announced Tuesday that it had managed to avoid defaulting on debt payments within the grace period after missing the payment deadline last month.
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Stock market today: Wall Street ends lower following two weeks of gainsNEW YORK — Stocks closed lower on Wall Street as traders return from a long holiday weekend. The S&P 500 fell 0.4% Tuesday. The index is coming off its second weekly gain. The Dow lost 0.6% and the Nasdaq slipped 0.1%. Crude oil prices rose.
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