Major US equity indices opened mostly lower on Friday amid a sell-off in energy stocks, led by the latest slump in oil prices.
News that OPEC and non-OPEC were considering to increase oil output by 1 million bpd triggered a steep decline in crude oil prices, which pressured the energy sector and weighed on the broader markets.
Meanwhile, easing geopolitical tensions, following North Korea’s measured response to the US President Donald Trump’s announcement to call off a June 12 summit, did little to lift the sentiment, albeit helped limit deeper losses.
Investors seemed to have found some reassurance after the isolated nation said that it was still willing to talk with the US and resolve the standoff over its nuclear weapons program.
On the economic data front, US durable goods orders fell 1.7% in April but the weaker reading was largely offset by a better-than-expected growth in orders minus transportation, which rose 0.9% to mark the third straight month of gains.
During the opening hour of trade, the Dow Jones Industrial Average was down over 80-points to 24,730 and the broader S&P 500 Index lost nearly 9-points to 2,719. Meanwhile, tech-heavy Nasdaq Composite Index outperformed the markets and climbed around 6-points to 7,430.
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