US stocks open lower after disappointing data

The major US stock benchmarks fell on Tuesday, after the release of disappointing economic data.

This came after Dow Jones jumped to an all-time high yesterday after Moderna announced that its coronavirus vaccine is more than 94% effective in preventing the disease.

Data showed today that the US retail sales index rose only 0.3% during October, lower than forecasts of 0.5%, and the core reading for the same index (excluding automobiles) was at 0.2%, also lower than forecasts of 0.6%.

Moreover, the import price index fell 0.1%, while the industrial production rose 1.1%.

As for stocks, Dow Jones fell 1.2% or 350 points to 29,602 as of 15:13 GMT, Nasdaq fell 0.4% or 42 points to 11,881, and S&P 500 fell 0.8% or 29 points to 3,598.