Stocks are off to a weak start on Wall Street, extending the market’s losses for the week, as more evidence comes in of the crippling damage being done to the economy by coronavirus shutdowns.
A currency trader talks near screens at the foreign exchange dealing room in Seoul, South Korea, Friday, May 15, 2020. Asian shares were mixed Friday as markets meandered on news about economies reopening, mixed with worries about the prolonged health risks from the new coronavirus.
The weak start erased some of the market’s gains from a day earlier. The S&P 500 was down 0.4% after the first hour of trading. It’s on track for its third weekly loss in the past four weeks. Technology stocks bore the brunt of the selling, which outweighed gains in health care and other sectors. The S&P 500 sank more than 30% in February and March on worries about the coming recession and then snapped back by more than 30% on hopes for a relatively quick rebound last month.
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