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9/26/2022, 3:31 PM (Source: TeleTrader)
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US markets open in red as pound hits record low

Stock markets in the United States opened lower on Monday after the British pound landed at the lowest level ever recorded against the dollar earlier in the day. The geopolitical uncertainty and rising possibility of a global economic downturn due to substantial interest rate increases seemingly continue to worry traders.

The Dow Jones Industrial Average index lost 0.56% or 166 points at the open. UnitedHealth Group was the worst performer, falling 1.90% at 9:32 am ET. The Nasdaq 100 opened 0.21% lower as Tesla led the losses, decreasing 1.63% at 9:32 am ET. The S&P 500 declined by 0.44% in the first minute of trading. Real estate investment trust Prologis dropped 3.23% at 9:33 am ET.

The pound was 0.22% lower against the US currency at 9:29 am ET, trading at 1.08344. The euro decreased by 0.29% compared to the dollar to change hands for 0.96595 at the same time.

Baha Breaking News (BBN) / MS