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Wall Street Opens Lower As Tech, Growth Stocks Weigh

US stocks have rallied on signs of peaking inflation and an earnings-reporting season that saw four out of five companies meeting or beating estimates. Yet, continuing rate hikes and the likelihood of a recession in the world’s largest economy are weighing on sentiment

Photo Credit : REUTERS/Andrew Kelly/File Photo

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Wall Street's main indexes opened lower on Wednesday with growth stocks under renewed pressure as bond yields climbed ahead of minutes from the Federal Reserve's July meeting, while weak results from Target weighed on the retail sector.

The Dow Jones Industrial Average fell 122.46 points, or 0.36 per cent, at the open to 34,029.55.

The S&P 500 opened lower by 24.80 points, or 0.58%, at 4,280.40, while the Nasdaq Composite dropped 133.92 points, or 1.02 per cent, to 12,968.63 at the opening bell.

US stocks have rallied on signs of peaking inflation and an earnings-reporting season that saw four out of five companies meeting or beating estimates. Yet, continuing rate hikes and the likelihood of a recession in the world’s largest economy are weighing on sentiment.


(Reuters)


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