US stocks open lower, Nasdaq down 1% as productivity falls

By Ovunc Kutlu

ANKARA (AA) - US stock market opened lower on Tuesday as the productivity figure came in negative.

The Dow Jones fell 5 points, or 0.01%, to open the day at 32,827 at 9.37 a.m. EDT. The S&P 500 lost 9 points, or 0.24%, to 4,130.

The tech-heavy Nasdaq declined 125 points, or 0.1%, to 12,523.

Nonfarm business sector labor productivity in the US fell 4.6% in the second quarter, the Labor Department announced earlier.

The VIX volatility index, also known as the fear index, rose 3% to 21.94. The 10-year US Treasury yield was up 1.2% to 2.796%.

While the dollar index was down 0.37% to 106.04, euro rose 0.42% to $1.0238 against the dollar.

Precious metals were mixed, with gold adding 0.4% to $1,797 and silver increasing 0.3% to $20.6.

Oil prices were up slightly. Global oil benchmark Brent crude was at $97.51 per barrel for a 0.9% gain, while US benchmark West Texas Intermediate (WTI) was up 1.1% to $91.73.