Wall Street Retreats at Open on Earnings Jitters

A street sign for Wall Street is seen outside of the New York Stock Exchange (NYSE) in New York City, N.Y., on June 28, 2021. (Andrew Kelly/Reuters)

Wall Street’s main indexes opened lower on Monday as investors braced for the start of the earnings season, which could see profits come under pressure at a time of growing fears of an economic downturn due to aggressive interest rate hikes.

The Dow Jones Industrial Average fell 60.17 points, or 0.19 percent, at the open to 31,277.98. The S&P 500 opened lower by 18.44 points, or 0.47 percent, at 3,880.94, while the Nasdaq Composite dropped 110.82 points, or 0.95 percent, to 11,524.49 at the opening bell.