By Geoffrey Smith
Investing.com -- U.S. stock markets opened the week lower after White House economic advisor Larry Kudlow failed to reassure markets that the administration would maintain the current degree of support for struggling companies and families through the summer.
Kudlow told CNBC that "nothing has been decided yet" about the size of the next coronavirus relief package. Analysts have warned that the economy faces a severe blow if support payments that are scheduled to end in July aren't extended in one form or other. Kudlow's comments took the gloss off a day marked by optimism at the further reopening of New York City's economy.
Also weighing on sentiment was the announcement of a dilute capital raising exercise by American Airlines (NASDAQ:AAL), which said it wanted to raise up to $1.5 billion in stock and convertible notes. The stock fell 4.6%.
By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was down 166 points or 0.6% at 25,706 points, while the S&P 500 was down 0.5% and the Nasdaq Composite was down 0.2%.