New York: US stocks opened generally lower on 5 July after the Independence Day holiday with high oil prices and sharp losses in other global markets offsetting the influence of fresh corporate deals.
In the first exchanges, the Dow Jones Industrial Average fell 41.38 points (0.30%) to 13,535.92 while the Nasdaq composite lost a fractional 0.62 points (0.02%) to 2.644.33.
The Standard and Poor’s 500 broad-market index dipped 1.77 points (0.12%) to 1,523.10.
Oil prices traded near 10-month highs and global markets were weak led by a 5.25% plunge in Chinese shares, both of which weakened sentiments.
Yet analysts hoped the corporate earnings season would push the markets higher. Fred Dickson, market strategist at DA Davidson, said Wall Street is awaiting the upcoming corporate earnings season for guidance but in the meantime buyers are encouraged by the strong level of corporate mergers and acquisitions, as well as the share offerings of private equity firms.
“This (corporate results) should produce another round of upside earnings surprises and may result in the stock market breaking out to another round of new all-time or multi-year highs,”he said.