Stocks Opened Lower on Global Growth Concerns

U.S. stocks opened lower on Wednesday, amid rising worries about global growth prospects, after a spate of international central banks cut interest rates. The Dow Jones Industrial Average lately fell 413.67 points or 1.59%, to 25,615.85. The S&P 500 declined 35.73 points, or 1.24%, to 2,846.04. The Nasdaq Composite dropped 80.42 points, or 1.03%, to 7,752.85.

Oil prices deepened their latest descent on Wednesday, as the U.S.’s tussles with major trade partners keep alive concerns for global energy demand. West Texas Intermediate crude for September delivery slipped 24 cents, or 0.5%, at $53.34 a barrel. October Brent crude fell 41 cents, or 0.7%, at $58.52 a barrel.

U.S. Treasurys posted a sharp rally, sending yields tumbling, following bigger-than-expected rate cuts by central banks in New Zealand and India and an unexpected easing by Thailand’s central bank.

CVS Health Corp raised its full-year profit forecast and posted better-than-expected quarterly results on Wednesday. The pharmacy benefits unit brought in revenue of $34.84 billion in the second quarter, a 4.2% rise, helped by higher prices of branded drugs but the company said it continued to face pressure from high dispensing rates of generic drugs.