Stock Market Update

[BRIEFING.COM] The stock market opened on a downbeat note after a losing, holiday-shortened week. Participants are responding to threats against the Fed's independence and news that China warned nations not to agree to trade deals with the U.S. that could hurt China.

The Dow Jones Industrial Average is 1.4% lower, about 540 points below its prior close. The S&P 500 trades 1.5% below Thursday's close and the Nasdaq Composite sports a 1.9% decline.

All 11 S&P 500 sectors are lower with declines ranging from 0.5% (consumer staples) to 2.8% (consumer discretionary). 

The 10-yr yield is at 4.37%, down four basis points from Thursday's settlement.