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Stocks open lower on Wall Street; Twitter sinks after hack

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Stocks are opening broadly lower on Wall Street Thursday, extending weakness in overseas markets. The S&P 500 index was down, led by losses in technology companies. Twitter sank after a breach in its security allowed hackers to break into some accounts.

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 16, 2020. Shares fell back in Asia on Thursday after markets worldwide rallied on rising hopes for a COVID-19 vaccine.

News that China’s economy grew 3.2% in annual terms in April-June, after a 6.8% contraction in the previous quarter, failed to keep an overnight rally going. The improved growth data was expected and provided an opportunity to cash in on profits from the recent run up in prices, analysts said. In Australia, the S&P/ASX 200 fell 0.7% to 6,010.90, as authorities reported that Victoria state had confirmed a record 317 new coronavirus cases in a day.

But rising numbers of infections and deaths from the COVID-19 pandemic remain a constant source of uncertainty. “In most other realities, this would be ironic or absurd. But in the liquidity inundated post-COVID world markets, this is Thursday,” Mizuho Bank’s Riki Ogawa said in a commentary.

 

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