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Wall Street tumbles at open on retail gloom, tech concerns

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Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 20, 2018. REUTERS/Brendan McDermid

(Reuters) – U.S. stocks opened sharply lower on Tuesday as poor forecasts from retailers for the holiday quarter fed into a market driven lower this week by concerns about demand for iPhones.

The Dow Jones Industrial Average .DJI fell 398.76 points, or 1.59 percent, at the open to 24,618.68.

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The S&P 500 .SPX opened lower by 36.13 points, or 1.34 percent, at 2,654.60. The Nasdaq Composite .IXIC dropped 161.05 points, or 2.29 percent, to 6,867.43 at the opening bell.

Reporting by Medha Singh in Bengaluru; Editing by Anil D’Silva

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