U.S. Stocks Open Sharply Lower Following Global Market Downturn

U.S. stocks opened sharply lower following a global market selloff that began in Asia and extended to Europe. Investors are dumping stocks for the safety of bonds and gold. Interest rates in the U.S. fell to their lowest level in more than three years. Federal Reserve Chairman Janet Yellen delivers testimony on Congress for a second day. Some experts said her comments yesterday weren’t dovish enough. Several companies are out with earnings, including PepsiCo (PEP), which reported results that matched expectations. Revenue was hit by the strong dollar. Tesla (TSLA) said it expects to be profitable this year, and also announced it is shipping more Model X cars than analysts had expected. Twitter (TWTR) shares are under pressure after the company reported a decline in users.