Stocks Opened Lower as Oil Retreated

U.S. stocks opened firmly lower on Tuesday as investors turned their attention to lingering worries about oil oversupply and enthusiasm over the prospect of lower interest rates for longer diminished. The Dow Jones Industrial Average lately fell 182.30 points, or 0.99%, to 18,142.77. The S&P 500 gave up 23.79 points, or 1.10, to 2,135.25. The Nasdaq Composite fell 45.37 points, 0.87%, to 5,166.52.

The surplus in global oil markets will last for longer than previously thought, persisting into late 2017 as demand growth slumps and supply proves resilient, the International Energy Agency said.

Oil futures were sent sharply lower on Tuesday after the International Energy Agency cut its demand forecast and warned supply will continue to outpace demand well into 2017. Light, sweet crude futures for delivery in October slumped $1.14, or 2.5%, to $45.15, while November Brent crude fell $1.03, or 2.2%, to $47.28 a barrel.

Wells Fargo & Co. said Tuesday that it would eliminate all product sales goals in its retail banking operations in January as it works to recover from a record-setting $185 million settlement for allegedly allowing its employees to open deposit and credit-card accounts without customers’ knowledge in order to meet targets.

Several Yahoo executives, including CEO Marissa Mayer, have been rewarded with golden parachutes worth a combined $89 million ahead of the struggling web giant’s sale to Verizon. Tops among the group of five executives whose golden parachutes were listed in an official regulatory filing: Mayer, who will exit Yahoo with a golden parachute valued at slightly more than $44 million.