U.S. stocks opened the last day of the second quarter lower as investors rebalanced portfolios ahead of the end of a grueling first half and considered updated readings on consumer spending and inflation.
The S&P 500 was 1.7% lower shortly after the market open, a day after indexes finished little changed. The Dow Jones Industrial Average was down 1.7%, while the Nasdaq Composite retreated 2%. The losses were broad-based, with all 11 of the S&P 500’s sectors in the red.
