Stocks pulled back at the open as jitters over global economic growth were sparked by dreadful manufacturing data out of Europe and the Federal Reserve’s cautious outlook on the U.S. economy.
div > div.group > p:first-child"> The Dow Jones Industrial Average traded 116 points at the open as Nike shares underperformed. The S&P 500 dipped 0.4 percent, led by declines in the energy and financials sectors. The Nasdaq Composite also declined 0.4 percent.
IHS Markit said Friday that manufacturing activity in Germany dropped to its lowest level in more than six years in March. In France, manufacturing and services slowed down to their lowest levels in three months and two months, respectively. For the euro zone as a whole, manufacturing fell to its lowest level since April 2013.These data sent the German 10-year bund yield to their lowest level since 2016, briefly dipping into negative territory.
These moves come after U.S. central bank surprised investors by adopting a sharp dovish stance on Wednesday, projecting no further interest rate hikes this year and ending its balance sheet roll-offs. Stocks were on track to post solid gains for the week as sharp increases in the tech and consumer discretionary sectors curbed lingering worries over U.S.-China trade talks.
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