Wall Street opens lower as tech declines resume

FILE PHOTO: A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. REUTERS/Carlo Allegri/File Photo

(Reuters) – Wall Street’s main indexes opened lower on Wednesday, as high-flying growth stocks continued to be pressured by valuation concerns, while some cyclical stocks gained on prospects of an economic rebound.

The Nasdaq Composite dropped 64.9 points, or 0.48%, to 13400.254 at the opening bell, falling for six out of the last seven sessions.

The Dow Jones Industrial Average fell 37.6 points, or 0.12%, at the open to 31499.75, while the S&P 500 fell 7.7 points, or 0.20%, at the open to 3873.71.

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