By PNA / Xinhua and U.S. News Agency / Asian
U.S. stocks opened mixed Monday as investors concern about the global economic slowdown weighed on the market.
Economic data showed Japan’s economy grew 0.3 percent in the second quarter, much weaker than previous expectations of a 0.6 percent increase.
Also adding to the concern, Bank of America Merrill Lynch cut its growth estimate for China from 8 percent to 7.7 percent in 2012.
Meanwhile, expectations for further monetary easing by major central banks also rose.
On the corporate front, Google announced the layoff of 20 percent, or 4,000 employees, at its Motorola unit in an effort to optimize the structure of its Mobility business.
The tech giant acquired Motorola Mobility in May.
Shortly after the opening bell, the Dow Jones industrial average lost 18.62 points, or 0.14 percent, to 13,189.33. The Standard & Poor’s 500 was down 1.34 points, or 0.10 percent, to 1,404.53. The Nasdaq Composite Index rose 1.92 points, or 0.06 percent, to 3,022.78.