Stocks Open Lower on Global Economic Worries

June 08, 2009 at 10:00 AM EDT

Investors took their cues from Europe which fell in overnight trading. Meanwhile, oil prices drifted below $68 a barrel. The Dow lost nearly 100 points to 8668 while Nasdaq dropped 25 points to 1824.

On the upside

The FDA approved a pulmonary embolism device to be made by Angiotech Pharmaceuticals (Nasdaq: ANPI).

Biotechnology company Micromet (Nasdaq: MITI) reported positive results for its drug candidate that treats leukemia.

On the downside

McDonald's (NYSE: MCD) reported higher May same-store sales rising 5.1%, but warned of slower growth in the U.S.
Palm (Nasdaq: PALM) attracted strong foot traffic over the weekend at Sprint (NYSE: S) stores, but analysts were concerned about the limited supply of Pre smart phones.
Barnes Group (NYSE: B) was downgraded by an analyst on concerns that turmoil in the automotive industry may affect the component manufacturer.
Shares of DuPont (NYSE: DD) fell despite an analyst reiterating his rating for the chemical company. Investors worried about reduced purchases from General Motors.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 7 points to 522.