Economy

1st LD: US stocks open sharply lower amid market sell-off

1st LD: US stocks open sharply lower amid market sell-off”

The recent death of Supreme Court Justice Ruth Bader Ginsburg and subsequent announcement a replacement could come soon means congress will be focused on hearings and the nomination process, and potentially not focused on any federal coronavirus relief aid, according to Marketplace.org.

The Dow fell 1.8%, to 27,147, and the broader S&P 500 index slid 1.2%.

Elsewhere, big banks including Citigroup Inc., Goldman Sachs Group and JPMorgan Chase & CO. were lower after reports said the companies were among those that moved large amounts of allegedly illicit money for almost two decades. The Nasdaq composite index was down more than 1%. Both the S&P 500 and the tech-heavy Nasdaq dropped over two percent.

Covid-19-related deaths in the United States neared 200,000, and new cases have risen significantly in Arkansas, Colorado, Idaho, Montana, Nebraska and North Dakota over the past week. Lockdowns have ripple effects that hurt several industries, including travel.

Stocks have had a rough September.

More news: China Uses 'Hurt Locker' Footage in Military Propaganda Film

General Motors Co, which took an 11 per cent stake in Nikola for about US$2 billion earlier this month, slipped 5 per cent.

Economic concerns are weighing most heavily on stocks, said David Joy, chief market strategist at Ameriprise. "The market sell-off today coming out of Britain, where they've had another bounce in virus, and they may close down the economy, that would be the biggest factor in the market sell-off", he said.

Over the weekend, China announced rules for a new regulatory body that could blacklist foreign firms that unfairly treat Chinese companies or pose a threat to Chinese national security, NPR's Emily Feng reported. (Facebook Inc., Apple Inc. and Microsoft Corp. were all down at least 2% in morning trading.) What's more, the United States' relationship with China is also in the spotlight as President Donald Trump approved a deal that would allow Walmart and Oracle to take a minority stake in a new US -headquartered company called TikTok Global. The new company, called TikTok Global, will list on a US stock exchange within 12 months and possibly set up a new headquarters in Texas.

Tensions between Washington and Beijing were also in focus, with the Chinese Ministry of Commerce releasing long-awaited provisions on its so-called "unreliable entity list", a day after the U.S. instituted its ban on WeChat and TikTok. Retail sales grew more slowly in August after an extra $600 per week in federal unemployment benefits expired. The debate over whether President Trump should be allowed to name a successor to Ginsburg could dampen hopes for a stimulus deal.



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