MARKET SNAPSHOT: Dow Industrials Drop 113 Points As Brexit Fears Grow

By Ellie Ismailidou and Sara Sjolin, MarketWatch

Consumer Price Index misses expectations; BOE, BOJ leave rates unchanged

U.S. stocks opened lower Thursday--on track for their sixth straight daily drop and the longest losing streak since February--after the Federal Reserve, the Bank of England and the Bank of Japan raised concerns about next week's so-called Brexit referendum.

U.K. voters head to the polls on June 23 to decide whether to remain a member of the European Union. Economists and market strategists say an "out" vote could instigate widespread turmoil in global markets.

Adding to the bearish sentiment was a sharp drop in oil prices, along with news that a reading on U.S. inflation missed expectations (http://www.marketwatch.com/story/us-inflation-climb-02-in-may-cpi-shows-2016-06-16), while initial jobless claims rose (http://www.marketwatch.com/story/jobless-claims-rise-13000-to-277000-2016-06-16).

The S&P 500 shed 13 points, or 0.6%, to 2,058, led by a 1.1% drop in energy shares and a 1% drop in financial shares. The utilities and consumer-staples sectors, which are traditionally viewed as safety plays in times of market turmoil, were the only sectors in positive territory, up 0.4% and less than 0.1% respectively.

The Dow Jones Industrial Average lost 113 points, or 0.6%, to 17,525, led by a 2% drop in Nike Inc. (NKE) and a 1.8% drop in Goldman Sachs Group Inc.(GS). Merck & Co. Inc. (MRK) was leading the gains, up 0.5%.

The Nasdaq Composite slid 34 points, or 0.5%, to 4,812.

(END) Dow Jones Newswires

June 16, 2016 09:45 ET (13:45 GMT)

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