Stocks Opened Lower, Oil Prices Fell

U.S. stocks opened sharply lower on Tuesday, following global equities and crude oil prices lower. The Dow Jones Industrial Average lately fell 345.70 points, or 1.25%, to 27,226.74. The S&P 500 retreated 34.85 points, or 1.08%, to 3,197.54. The Nasdaq Composite declined 49.67 points, or 0.50%, to9,875.08.

Crude-oil prices traded sharply lower early Tuesday as worries about the lack of compliance with a recent pact to cut production by a number of major producers pressured futures into negative territory. West Texas Intermediate crude for July delivery lost 71 cents, or 1.8%, to reach $37.49 a barrel. Brent oil for August delivery gave up 65 cents, or 1.6%, at $40.15 a barrel.

Tiffany (TIF) on Tuesday reported a wider than expected loss per share and steeper revenue drop for the three months ended April 30. The company’s first-quarter adjusted loss per share was 53 cents, versus the 27 cents expected. Net sales were $555.5 million, a decline of 45% over last year and below expectations for $611.9 million.

Macy’s Inc. (M), the department store retailer, guided for first-quarter losses that are ahead of expectations and said re-opened stores are outperforming. Macy’s is expecting to post a net loss of $652 million, or $2.10 per share, after net income of $136 million, or 44 cents per share last year. Its adjusted loss per share is expected to be $2.03.