Wall Street opening lower led by Goldman and the banks – WHIO TV 7 and WHIO Radio

TOKYO — (AP) — Stocks tumble at Wall Street’s open on Monday, after global markets fell as the S&P 500 extended its slide for a third straight week. Big banks including Goldman Sachs and Morgan Stanley lead the decline, while the Dow Jones Industrial Average and Nasdaq Composite are also down. Goldman said its fourth-quarter profits fell 13% from a year earlier, largely because the bank was preparing to pay hefty payrolls to staff. Microsoft is falling after announcing it would buy video game maker Activision Blizzard for nearly $69 billion.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier history appears below.

Global stocks were mostly weaker on Tuesday after a U.S. public holiday, while oil prices jumped following an attack on an oil facility in the UAE capital that killed at least three people.

Benchmark U.S. crude rose $1.44, or 1.7%, to $85.26 a barrel in electronic trading on the New York Mercantile Exchange. It gained $1.70 to $83.82 a barrel on Monday.

Brent crude, the basis for international oil pricing, added $1.05 to $87.53 a barrel.

Satellite photos obtained by The Associated Press on Tuesday appeared to show the aftermath of the attack, which was claimed by Houthi rebels in Yemen.

In Europe, the French CAC 40 fell 1.2% in early trading to 7,117.76, while the German DAX slipped 1.0% to 15,767.35. Britain’s FTSE 100 fell 0.7% to 7,555.82. The Dow Industrials futures were down 0.6% at 35,577.00. The S&P 500 future fell nearly 1.0% to 4,610.50.

The 2-year Treasury note rose above 1%, adding to expectations that the US Federal Reserve will soon raise rates to counter inflation.

Rising bond yields tend to put pressure on equities as investors reassess their asset allocations and take a closer look at stock prices, especially high-value ones.

The 10-year Treasury yield was 1.84% on Tuesday. It has also increased in recent days.

“General sentiments may still tilt towards some caution as some market participants may refrain from taking more risk. This comes amid a quiet US calendar ahead and lack of comment from policy officials Fed at the FOMC meeting next week,” Yeap Jun Rong, market strategist at IG in Singapore, said in a comment.

The Bank of Japan concluded a two-day policy meeting with no major changes. Its benchmark interest rate remains at a level of minus 0.1%.

Price increases in Japan were less pronounced than in the United States and some other countries, although the central bank raised its inflation forecast for the fiscal year which begins in April to 1.1% against an estimate previous 0.9%.

The Japanese central bank’s super accommodative monetary policy is expected to remain unchanged for now as the country grapples with a surge in cases of COVID infections triggered by the omicron variant.

The recent sudden increase in reported cases is likely to dampen economic activity. Japan, which has not seen pandemic shutdowns, has gone through periods of restrictions to curb the spread of COVID-19, with most restaurants and bars closing early. These restrictions are expected to expand this week to about a third of the country, including Tokyo.

Japan’s benchmark Nikkei 225 fell 0.3% to 28,257.25. Australia’s S&P/ASX 200 fell 0.1% to 7,408.80. The South Korean Kospi fell 0.9% to 2,864.24. Hong Kong’s Hang Seng slipped 0.4% to 24,112.78, while the Shanghai Composite rose 0.8% to 3,569.91.

In currency trading, the US dollar fell from 114.62 yen to 114.71 Japanese yen. The euro traded at $1.1397, down from $1.1410.

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Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

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