US stocks open lower on worries about global growth

U.S. stocks fell in early trading Thursday on further evidence that global growth is slowing. Industrial stocks led the declines after Caterpillar cuts its revenue forecast, blaming a downturn in the mining industry.


KEEPING SCORE: The Standard & Poor's 500 index fell 18 points, or 1 percent, to 1,919 as of 10:15 a.m. Eastern time. The Dow Jones industrial average dropped 188 points, or 1.2 percent, to 16,083. The Nasdaq composite fell 49 points, or 1.1 percent, to 4,702.

FED WATCH: Many investors are awaiting a speech on inflation and monetary policy later Thursday by U.S. Federal Reserve chair Janet Yellen. Markets are looking for clues on the timing of the Fed's first interest-rate hike in nearly a decade after it held off raising rates earlier this month. The Fed has rate-setting meetings in October and December.

CHALLENGING TIMES: Caterpillar fell $4.80, or 6.7 percent, to $65.41 after cutting its 2015 revenue forecast by $1 billion to about $48 billion, and saying sales would fall a further 5 percent next year. The company also said it may cut as many as 10,000 jobs between now and 2018.

EUROPE'S DAY: Germany's DAX fell 2.3 percent, Britain's FTSE 100 dropped 1.1 percent and France's CAC 40 1.1 percent.

AUTO SHARES: Automakers fell in the wake of Volkswagen's emissions scandal. After early gains, Volkswagen shares were down 1 percent. Fellow German carmaker BMW fell 5.2 percent after a report said one of its models had failed a test in Europe. France's Renault was down 2.8 percent.

ENERGY: Benchmark U.S. crude was up 29 cents at $44.75 a barrel on the New York Mercantile Exchange.

BONDS AND CURRENCIES: Bond prices rose, pushing the yield on the 10-year note down to 2.09 percent from 2.15 percent a day earlier. The dollar slipped to 119.57 yen. The euro ticked higher to $1.1241.