Wall Street Opens Lower as Bank Earnings Disappoint

A Wall Street sign outside the New York Stock Exchange in New York City, N.Y., on Oct. 2, 2020. (Carlo Allegri/Reuters)

Wall Street’s main indexes opened lower on Thursday as downbeat earnings from big U.S. banks JPMorgan Chase & Co. and Morgan Stanley underscored concerns about a sharp economic downturn caused by aggressive monetary policy tightening.

The Dow Jones Industrial Average fell 320.99 points, or 1.04 percent, at the open to 30,451.80. The S&P 500 opened lower by 37.79 points, or 0.99 percent, at 3,763.99, while the Nasdaq Composite dropped 96.37 points, or 0.86 percent, to 11,151.21 at the opening bell.