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Wall Street update | US stocks struggling again after Wednesday's rout

The broad-based S&P 500 slipped 0.2 percent to 3,914.36, while the tech-rich Nasdaq Composite Index climbed 0.3 percent to 11,447.84.

May 19, 2022 / 07:42 PM IST

Wall Street stocks opened mostly lower Thursday, as markets struggled to rebound from the sell-off in the prior session amid worries about inflation and slowing growth.

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.7 percent at 31,276.04.

The broad-based S&P 500 slipped 0.2 percent to 3,914.36, while the tech-rich Nasdaq Composite Index climbed 0.3 percent to 11,447.84.

Major US indices dropped more than 3.5 percent on Wednesday, buffeted by worries about rising prices cutting into profit margins following disappointing results from retail giants Walmart and Target.

Investor sentiment remained brittle early Thursday, with equity buyers yet to show much staying power.

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"The market is very oversold. And the inability to rally for more than a few days  speaks volumes to how weak the market is right now," said Adam Sarhan of 50 Park Investments.

"Normally, when the market gets oversold ... you would expect the market to have what they call a relief rally."

Among individual companies, Cisco Systems sank around 10 percent after it projected weaker than expected sales and profit for the upcoming quarter.
AFP
first published: May 19, 2022 07:39 pm
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