Stocks dipped at the open today, as investors digested downbeat corporate news while awaiting an auto bailout. The Dow fell as much as 145; the Nasdaq and S&P were off 1.3% and 1.4%, respectively. Auto shares retreated after yesterday’s gains, the Wall Street Journal reports, with General Motors and Ford dropping 5.5% and 7.5%, respectively, on news the government would likely demand shares for its help.
The tech sector took a hit, after Texas Instruments slashed its forecast and Sony announced a 5% cut in its workforce; TI shares were down 2.2% pre-market. FedEx also cut its forecast, and was met with a 9.5% pre-market decline.