Energy stocks weigh on Wall Street

Energy stocks weigh on Wall Street

US stock markets opened lower as a dip in oil prices weighed on energy shares.

In early trade, the Dow Jones was down 128.10 points at 23,311.60.

The wider S&P 500 index dropped 12.62 points to 2,572.22, and the tech-focused Nasdaq index fell 36.81 points to 6,720.79.

Shares in General Electric fell a further 5% as investors continued to react to the restructuring plan unveiled by chief executive John Flannery on Monday.

Under the plans, GE will focus on the aviation, power and healthcare sectors. The company also cut its dividend – for only the third time in its 125-year history – and halved its full-year profit forecast.

Shares in TJX fell 3.8% after the retail group said same-store sales were flat in the third quarter, and issued a lower than expected profit forecast.

After jumping 20% on Monday on reports it was a bid target for Hasbro, shares in toymaker Mattel rose a further 6% in early trade.

Source: BBC News

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