LONDON (ShareCast) - Not a single blue chip can boast gains at lunchtime as nervous investors take profits amid fears about the election protests in Iran and weaker metal prices.
Aluminium producer Alcoa (NYSE: AA
- news) is the biggest casualty within the Dow 30, losing almost 7% as commodity prices struggle lower.
Across the markets, the Dow Jones (news) has tumbled 203 points to 8,595, the tech-stacked Nasdaq Composite (NASDAQ: news) is off 50 at 1,808, while the broader S&P 500 is 23 lower at 922.
Exxon Mobil (NYSE: XOM - news) slipped as the price of oil drifted back to $70, while copper producer Freeport McMoRan tumbled on news that inventories of copper in Shanghai have risen for the second week in succession.
Retailing leviathan Wal-Mart lost ground after Goldman Sach cut its rating from 'buy' to 'neutral'. "We see little near- term positive catalysts to drive shares higher," the investment bank said about the world's biggest retailer.
Bank of America (NYSE: IKJ - news) reversed initial gains despite Rochdale Securities raising its price target for the stock by more than a third.
On the economic front, the Empire State index's measure of manufacturing in the New York area fell 5 points to -9.4 in June. In the prior month, the index was -4.55.
New orders remained negative at -8.15 but better than May's -9.01. Inventories fell to -25.29 versus May's -21.59.
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