Wall Street stocks opened lower on Monday ahead of some key retail data and earnings slated for later in the week.
As of 1450 BST, the Dow Jones Industrial Average was down 0.48% at 32,043.13, while the S&P 500 was 0.52% weaker at 4,002.95 and the Nasdaq Composite came out the gate 0.71% softer at 11,721.54.
The Dow opened 153.53 points lower on Monday, taking a bite out of gains recorded in the previous session when the blue-chip index managed to snap a six-day losing streak for the blue-chip index.
Major indices were in the red at the opening bell after ending last week on a positive note as investors switched into relief rally mode and the Nasdaq registered its best daily gain since November 2020, led by hard-hit tech and growth stocks.
Disappointing Chinese economic numbers were in focus early on Monday, with data showing that China’s zero-tolerance policy had caused industrial output and consumer spending to slump and hit their lowest level since the Covid-19 pandemic began, with industrial output falling 2.9% in April and retail sales contracting 11.1%. The unemployment rate also climbed to 6.1.
On the macro front, the New York Empire State manufacturing index surprisingly fell to -11.6 in May, down from 24.6 in April to miss market expectations for a reading of 17. According to the Federal Reserve Bank of New York, new orders decreased to -8.8, while shipments fell at the fastest pace since early in the Covid-19 pandemic – tumbling to -15.4 from 34.5 in the previous month. Delivery times also continued to lengthen and inventories expanded.
No major corporate earnings were scheduled for release on Monday but the likes of Walmart, Target, and Home Depot will all report before the week is throughout.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones – Risers
Chevron Corp. (CVX) $171.57 2.20%
Boeing Co. (BA) $128.59 1.09%
Merck & Co. Inc. (MRK) $91.15 0.82%
Caterpillar Inc. (CAT) $205.93 0.78%
Travelers Company Inc. (TRV) $173.44 0.38%
Unitedhealth Group Inc. (UNH) $487.23 0.38%
International Business Machines Corporation (CDI) (IBM) $133.77 0.13%
Dow Chemical Co. (DOW) $67.64 0.11%
Nike Inc. (NKE) $113.03 0.01%
Dowdupont Inc. (DWDP) $30.52 0.00%
Dow Jones – Fallers
American Express Co. (AXP) $155.79 -1.86%
Goldman Sachs Group Inc. (GS) $302.46 -1.48%
Microsoft Corp. (MSFT) $258.28 -1.09%
Intel Corp. (INTC) $43.13 -1.08%
Salesforce.Com Inc. (CRM) $165.31 -0.96%
3M Co. (MMM) $147.93 -0.92%
McDonald’s Corp. (MCD) $242.88 -0.88%
Procter & Gamble Co. (PG) $152.30 -0.86%
Verizon Communications Inc. (VZ) $47.84 -0.71%
Visa Inc. (V) $197.83 -0.70%
S&P 500 – Risers
Eli Lilly and Company (LLY) $307.42 5.42%
Occidental Petroleum Corp. (OXY) $67.26 4.96%
CF Industries Holdings Inc. (CF) $108.37 4.34%
Apache Corp. (APA) $42.89 4.23%
Mosaic Company (MOS) $64.57 3.66%
Devon Energy Corp. (DVN) $71.19 3.62%
Marathon Oil Corp. (MRO) $27.97 3.59%
Halliburton Co. (HAL) $37.39 3.57%
Deere & Co. (DE) $379.69 3.55%
Coterra Energy Inc. (CTRA) $30.80 3.43%
S&P 500 – Fallers
Twitter Inc (TWTR) $38.47 -5.54%
Vulcan Materials Co. (VMC) $160.92 -4.22%
Bath & Body Works, Inc. (BBWI) $49.00 -3.94%
Bread Financial Holdings, Inc. (BFH) $49.27 -3.41%
Blackrock Inc. (BLK) $594.55 -3.38%
Stanley Black & Decker Inc. (SWK) $117.98 -2.98%
Lennar Corp. Class A (LEN) $74.59 -2.83%
Nucor Corp. (NUE) $120.38 -2.75%
Whirlpool Corp. (WHR) $178.10 -2.66%
Mohawk Inds Inc. (MHK) $135.77 -2.59%
Nasdaq 100 – Risers
Trip.com Group Limited (TCOM) $21.91 4.93%
Netflix Inc. (NFLX) $193.74 3.25%
Seagate Technology Plc (STX) $82.75 2.53%
Electronic Arts Inc. (EA) $127.78 2.27%
NetEase Inc. Ads (NTES) $94.46 2.17%
Mercadolibre Inc. (MELI) $811.81 2.12%
Vodafone Group Plc ADS (VOD) $14.93 2.05%
American Airlines Group (AAL) $16.88 1.81%
JD.com, Inc. (JD) $52.43 1.71%
Liberty Global plc Series C (LBTYK) $24.46 1.62%
Nasdaq 100 – Fallers
Expedia Group Inc. (EXPE) $128.52 -2.47%
Verisk Analytics Inc. (VRSK) $172.71 -1.99%
Intuit Inc. (INTU) $364.89 -1.85%
Dish Network Corp. (DISH) $20.49 -1.77%
Starbucks Corp. (SBUX) $74.28 -1.75%
Asml Holdings N.V. (ASML) $538.95 -1.71%
Marriott International – Class A (MAR) $164.06 -1.41%
eBay Inc. (EBAY) $46.00 -1.39%
Workday, Inc. (WDAY) $179.90 -1.31%
Intuitive Surgical Inc. (ISRG) $220.89 -1.25%
