Stocks mixed ahead of manufacturing data
NEW YORK — As September begins, investors are cautious about extending the market’s rally into a seventh month.
Stocks are little changed in early trading Tuesday, following declines in European shares and a slight rebound in Asian markets.
Investors are worried that after a six-month rally in stocks around the world, markets are looking a little overvalued considering the economy’s ongoing challenges. In Europe, data showed the euro zone’s unemployment rate hit a new 10-year high in July.
U.S. investors will be looking to reports on manufacturing activity, home sales and construction spending for further evidence of the economy’s rebound. Sales reports from automakers will also be closely watched.
The Institute for Supply Management, a trade group of purchasing executives, is expected to report that U.S. manufacturing expanded in August for the first time in 18 months. Economists are expecting the index will read 50.5 in August, compared with 48.9 in July. A reading above 50 indicates growth.
Meanwhile, an index that tracks pending U.S. home sales is forecast to rise in July for the sixth straight month, providing more evidence that the housing market is recovering. Construction spending, however, is expected to be flat in July after growing in June.
Many automakers are set to post strong sales results for August thanks to the government’s Cash for Clunkers program. But analysts warn that sales could show a steep drop in September and the coming months now that the program has expired.
In the first half hour of trading, the Dow Jones industrial average fell 5.21, or 0.1 percent, to 9,491.07. The Standard & Poor’s 500 index fell 0.26, or 0.03 percent, to 1,020.36, while the Nasdaq composite index added 5.43, or 0.3 percent, to 2,014.49.
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