US markets lower on economic data, European weakness
Source - SMW
Wall Street traders were downbeat shortly after the opening bell, tracking sharp falls across Europe, and reversing some of yesterday's gains as they try to get a handle on today's glut of economic announcements.
The Dow was recently seen down by 0.38% at 21,286.32, the S&P 500 was down 0.68% at 2,421.44 and the Nasdaq was 1.2% lower at 6,120.79.
RISERS AND FALLERS
Mattel, JD.com and Incyte were the early fallers on the tech-focused Nasdaq, while Nike, Wal-Mart, Microsoft and Visa were all off by over a percentage point on the Dow.
The S&P 500 saw shares of Kroger fall by almost 14% in early deals.
At 2:45pm (GMT), WTI crude was 0.4% lower at $44.55 per barrel and Brent was down 0.09% at $46.96 per barrel. Gold was 1.7% softer at $1,254.2 per ounce.
Industrial production was unchanged in May, the US Federal Reserve said today, while capacity utilisation for the industrial sector fell 0.1%.
Initial claims in the week ending June 10 was to 237k, a decrease of 8k from the previous week's unrevised level, the US Department of Labor confirmed.
Business activity rebounded strongly in New York State, according to firms responding to the Federal Reserve Bank of New York's June Empire State Manufacturing Survey. The headline general business conditions index shot up 21 points to 19.8, its highest level in more than two years.
Activity continued to expand in June, according to the firms responding to the Federal Reserve Bank of Philadelphia's latest manufacturing business outlook survey. However, the index for current manufacturing activity in the region decreased from a reading of 38.8 in May to 27.6 in June.
Prices for US imports fell 0.3% in May, the US Bureau of Labor Statistics reported today, after a 0.2% increase in April.
In addition, the latest Housing Market Index reading from the National Association of Home Builders is due later today.