U.S. stocks open lower, extending selloff as China fears spark another round of jitters

U.S. stocks opened lower Monday, extending a selloff that saw the Dow Jones Industrial Average on Friday log its worst daily percentage drop since October 2020 as investors prepared for aggressive Federal Reserve rate increases and other measures aimed at quickly tightening monetary policy in response to soaring inflation. China over the weekend moved to expand COVID-19 lockdowns, contributing to a global equity market selloff as investors fled to safe asset, like Treasurys and the U.S. dollar. The Dow fell 283 points, or 0.8%, while the S&P 500 dropped 0.9% and the Nasdaq Composite shed 0.7%. Shares of Twitter Inc. were a bright spot, rising 4.2%, after news reports said the company could agree Monday to sell itself to Tesla Inc. chief executive Elon Musk.

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