US open: Stocks head south amid ongoing recession worries

Wall Street stocks were firmly in the red early on Tuesday as the US dollar rallied against the Euro and recession fears returned to the forefront of investors' minds.

As of 1515 BST, the Dow Jones Industrial Average was down 1.84% at 30,523.58, while the S&P 500 was 1.79% weaker at 3,756.96 and the Nasdaq Composite came out the gate 1.21% softer at 10,993.55.

The Dow opened 573.68 points lower on Tuesday, easily erasing gains recorded ahead of the Independence Day long weekend on Friday as major indices attempted to put a horrific first half behind them.

Wall Street stocks were in the red early as the dollar moved higher against the Euro, up around 1.69% at roughly 0.975 in the early hours of Tuesday - the USD's strongest level against its European counterpart since 2003.

The Euro's decline comes after Eurozone PMIs highlighted recession risks in the bloc, slipping to a 16-month low. If the European Central Bank fails to meet its objective of tapering inflation soon, some economists believe it likely that the EUR and USD will be at parity in the not-to-distant future.

Also in focus, traders were optimistic that the Biden administration may roll back several tariffs imposed on China during the Donald Trump era as part of an effort to ease inflation.

However, concerns regarding economic growth continued to hang over market participants as the US looks to recover from a brutal first half, which saw GDP decline in both quarters - a potential recession indicator.

Another potential recession signal was also drawing an amount of investor attention as the two-year and 10-year Treasury yields inverted after the benchmark 10-year note continued to move lower despite the Fed vowing to aggressively battle inflation. The 10-year note was sitting at 2.818% early on Tuesday, while its two-year equivalent was at 2.820%.

On the macro front, new orders for US manufactured goods rose 1.6% month-on-month in May, according to the Census Bureau, beating Wall Street estimates for a 0.5% gain and following an upwardly revised 0.7% increase in April.

No major corporate earnings were slated for release on Tuesday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Nike Inc. (NKE) $101.94 0.75%
Amgen Inc. (AMGN) $245.56 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
McDonald's Corp. (MCD) $252.52 -0.17%
Walmart Inc. (WMT) $122.26 -0.30%
Walgreens Boots Alliance, Inc. (WBA) $38.40 -0.41%
Apple Inc. (AAPL) $138.13 -0.57%
Merck & Co. Inc. (MRK) $91.78 -0.69%
Home Depot Inc. (HD) $277.14 -0.70%

Dow Jones - Fallers

Boeing Co. (BA) $132.01 -4.94%
Dow Chemical Co. (DOW) $49.58 -4.04%
JP Morgan Chase & Co. (JPM) $109.69 -3.88%
Walt Disney Co. (DIS) $92.75 -3.52%
Caterpillar Inc. (CAT) $171.48 -3.43%
Goldman Sachs Group Inc. (GS) $288.88 -3.41%
Cisco Systems Inc. (CSCO) $41.24 -3.20%
American Express Co. (AXP) $136.17 -2.93%
Travelers Company Inc. (TRV) $166.22 -2.82%
Chevron Corp. (CVX) $142.40 -2.61%

S&P 500 - Risers

Micron Technology Inc. (MU) $54.49 1.57%
Dollar Tree Inc (DLTR) $158.20 1.24%
Nike Inc. (NKE) $101.91 0.72%
Vertex Pharmaceuticals Inc. (VRTX) $288.45 0.39%
McCormick & Co. (MKC) $82.97 0.37%
Clorox Co. (CLX) $144.28 0.26%
Lamb Weston Holdings, Inc. (LW) $71.85 0.26%
Yum! Brands Inc. (YUM) $116.95 0.21%
Dollar General Corp (DG) $246.79 0.18%
Kimberly-Clark Corp. (KMB) $136.85 0.07%

S&P 500 - Fallers

Freeport-McMoRan Inc (FCX) $26.81 -8.20%
Unum Group (UNM) $31.70 -6.24%
Carnival Corp. (CCL) $8.29 -6.01%
Ford Motor Co. (F) $10.65 -5.92%
Marathon Oil Corp. (MRO) $21.22 -5.90%
HF Sinclair Corporation (DINO) $42.99 -5.82%
Arconic Inc. (ARNC) $26.68 -5.79%
Bread Financial Holdings, Inc. (BFH) $34.85 -5.73%
Apache Corp. (APA) $33.34 -5.69%
HP Inc (HPQ) $30.06 -5.68%

Nasdaq 100 - Risers

Micron Technology Inc. (MU) $54.49 1.57%
Dollar Tree Inc (DLTR) $158.20 1.24%
Vertex Pharmaceuticals Inc. (VRTX) $288.45 0.39%
Biomarin Pharmaceutical Inc. (BMRN) $85.05 0.08%
Maxim Integrated Products Inc. (MXIM) $0.00 0.00%
Shire Plc Ads (SHPG) $179.20 0.00%
Cerner Corp. (CERN) $94.92 0.00%
Mylan Inc. (MYL) $0.00 0.00%
Celgene Corp. (CELG) $108.24 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $182.50 0.00%

Nasdaq 100 - Fallers

Trip.com Group Limited (TCOM) $26.02 -6.37%
Asml Holdings N.V. (ASML) $422.30 -6.12%
Qurate Retail Inc. (QRTEA) $2.75 -5.17%
Lam Research Corp. (LRCX) $377.71 -4.34%
Expedia Group Inc. (EXPE) $92.40 -4.15%
Tesla Inc (TSLA) $653.79 -4.11%
Booking Holdings Inc. (BKNG) $1,701.82 -3.74%
KLA-Tencor Corp. (KLAC) $285.43 -3.66%
Dish Network Corp. (DISH) $17.70 -3.62%
Netflix Inc. (NFLX) $173.84 -3.40%