Stocks Opened Lower amid Resurgence of Coronavirus Cases

U.S. stocks opened lower on Wednesday, as investors worried about the rising coronavirus cases in many states. The Dow Jones Industrial Average lately fell 270.54 points, or 1.03%, to 25,885.56. The S&P 500 was off 24.13 points, or 0.77%, to 3,107.16. The Nasdaq Composite declined 23.81 points, or 0.23%, to 10,107.56.

Oil prices were under pressure on Wednesday as evidence of rising cases throughout the globe raises questions about efforts to restart economies. West Texas Intermediate crude for August fell 86 cents, or 2.2%, at $39.51a barrel. Brent oil for August delivery was shedding 72 cents, or 1.7%, at $42.01 a barrel.

Each of of California, Texas and Arizona posting their largest daily case additions so far, as of Tuesday’s counts.

Reports of possible trade tensions between the U.S. and its European and North American allies, was drawing attention after, Bloomberg indicated that the Trump administration was considering imposing tariffs on an array of goods from Europe totaling some $3.1 billion as well as reimposing tariffs on aluminum imports from Canada.