Stocks Opened Lower as Economic, Virus Fears Lingered

U.S. stocks opened lower on Tuesday, tracking a drop in European equities, as investors considered prospects of a drawn-out economic recovery alongside an ongoing rise in virus cases. The Dow Jones Industrial Average lately fell 215.08 points, or 0.82%, to 26,071.95. The S&P 500 declined 17.53 points, or 0.55%, to 3,162.19. The Nasdaq Composite declined 31.02 points, or 0.30%, to 10,402.63.

Crude-oil prices were headed lower early Tuesday as uncertainty about demand for the commodity, in the midst of rising cornavirus cases globally nudged values lower. West Texas Intermediate crude for August lost 23 cents, 0.5%, at $40.42 a barrel. Brent oil for September declined 14 cents, or 0.3%, at $42.97 a barrel.

The Organization for Economic Cooperation and Development issued a dismal economic forecast, given risks of a second wave of Covid-19. the OECD said the unemployment rate among its 37 member countries ticked down to 8.4% in May 2020, down from a decade-high 8.5% in April.

German industrial production data also came in weaker than expected Tuesday, with the country’s output rising 7.8% in May after a 17.5% drop in April, but missing consensus expectations for 11.1%.