U.S. stocks opened mixed Monday as
investors concern about the global economic slowdown weighed on the
market.
Economic data showed Japan's economy grew 0.3 percent in the
second quarter, much weaker than previous expectations of a 0.6
percent increase.
Also adding to the concern, Bank of America Merrill Lynch cut its
growth estimate for China from 8 percent to 7.7 percent in 2012.
Meanwhile, expectations for further monetary easing by major
central banks also rose.
On the corporate front, Google announced the layoff of 20
percent, or 4,000 employees, at its Motorola unit in an effort to
optimize the structure of its Mobility business. The tech giant
acquired Motorola Mobility in May.
Shortly after the opening bell, the Dow Jones industrial average
lost 18.62 points, or 0.14 percent, to 13,189.33. The Standard &
Poor's 500 was down 1.34 points, or 0.10 percent, to 1,404.53. The
Nasdaq Composite Index rose 1.92 points, or 0.06 percent, to
3,022.78.
