Stocks fall ahead of manufacturing data
NEW YORK — Stocks began May with modest moves ahead of a key reading on U.S. manufacturing.
Stocks are falling moderately as Wall Street comes off its best month in nine years. The market has been growing more optimistic the economy is near a turnaround. Investors expect the Institute for Supply Management’s manufacturing index will support that belief — economists predict the April index will the smallest contraction since last October.
The first day of May will also bring data on factory orders, consumer sentiment and vehicle sales.
In the first half-hour of trading, the Dow Jones industrial average fell 33.21, or 0.4 percent, to 8,134.91.
Broader stock indicators also fell. The Standard & Poor’s 500 index fell 3.71, or 0.4 percent, to 869.10, and the Nasdaq composite index fell 9.47, or 0.6 percent, 1,707.83.
In addition to economic data, investors are focused on mixed earnings reports.
Late Thursday, two insurers — The Hartford Financial Services Group Inc. and MetLife Inc. — posted losses for the first quarter.
The Hartford fell 91 cents, or 8 percent, to $10.56, while MetLife fell $2.54, or 8.5 percent, to $27.21.
But computer security software maker McAfee Inc. said its first-quarter profit jumped 77 percent. The stock rose $2.84, or 7.6 percent, to $40.38.
Better-than-expected earnings have been a big market driver in recent weeks. The S&P 500 index, a broad measure of the market, rose 9.4 percent in April, the biggest monthly jump since March 2000.
News on Thursday that Chrysler LLC will go through bankruptcy reorganization put just a small dent in Wall Street’s recovery, which began in early March. The Dow, still up 24.8 percent from its 12-year low on March 9, dipped 0.2 percent on the last day of April.
Related News
Summary Box: Jobs, manufacturing data show recovery off to bumpy start; modest rebound likelyOctober 1st, 2009 Summary Box: Jobs, manufacturing data disappointCONSUMERS: Consumer spending surged 1.3 percent in August, due partly to the now-ended Cash for Clunkers program. But incomes posted a lackluster 0.2 percent gain, and the number of newly laid-off workers rose more than expected to 551,000 last week.
Stock futures point to a lower open as investors await housing, consumer dataSeptember 30th, 2009 Stock futures retreat ahead housing, consumer dataThe stock market headed for a modestly lower open Tuesday as investors await the latest reading on consumer confidence. Stock futures fell slightly, a pullback to be expected after the market shot higher Monday and propelled the Dow Jones industrials up more than 120 points.
Stocks begin September with a lower open, market awaits data on manufacturing, housingSeptember 1st, 2009 Stocks dip at open ahead of manufacturing dataNEW YORK — Stocks are falling in early trading as investors await data on manufacturing and housing. The decline in stocks comes as European shares drop after a slight rebound in Asian markets.
Stocks begin September little changed as investors await data on manufacturing, housingSeptember 1st, 2009 Stocks mixed ahead of manufacturing dataNEW 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.
Stocks begin September slightly higher as investors await data on manufacturing, housingSeptember 1st, 2009 Stocks creep higher ahead of manufacturing dataNEW YORK — Stocks edged higher Tuesday ahead of reports on manufacturing and housing. The slight gains follow declines in European shares and a modest rebound in Asian markets.
Stocks begin September higher after data shows manufacturing industry grew in AugustSeptember 1st, 2009 Stocks up on data showing growth in manufacturingNEW YORK — News that the manufacturing industry has grown for the first time in 18 months is giving the stock market a modest advance. The Institute for Supply Management said Tuesday its index of manufacturing activity rose to 52.9 in August, up from 48.9 in July and well above the reading of 50.5 analysts had been expecting.
Dollar falls on mixed economic reports as investors await employment data, ECB rate decisionJuly 1st, 2009 Dollar slips vs euro, pound on mixed economic dataNEW YORK — The dollar was lower against most major currencies Wednesday on mixed economic reports that showed more stable manufacturing activity and a rise in pending home sales. Investors were also awaiting data on unemployment for June to be released Thursday, as well as an interest rate decision by the European Central Bank.
Wall Street heads for higher open as investors await jobs data, retail sales reportsJune 4th, 2009 US stock futures point higher ahead of jobs dataNEW YORK — Stock futures are indicating a higher opening for the U.S. markets as investors await sales reports from retailers and data on the labor market.
Stocks adance modestly as investors look to hold gains, await data on pending home salesJune 2nd, 2009 Wall Street rises modestly a day after surgeNEW YORK — Investors are gently adding to their gains a day after rushing into the stock market. Stocks rose modestly early Tuesday as investors showed optimism but also a little caution after Monday's huge gains that followed a series of upbeat economic readings.
Meltdown 101: Service sector index still in the dumps but giving hints of better days aheadMay 5th, 2009 Meltdown 101: ISM index turning from red to amber?WASHINGTON — A key index that measures business activity in the service sector is still flashing a recession signal. But in the latest hint of better days ahead, the reading for April was not as dire as it has been.
Stock futures edge higher after big gains, investors await economic data, earnings reportsMay 5th, 2009 Wall Street appears ready to extend big gainsNEW YORK — U.S. stock futures are edging higher as investors await a reading on the services sector and a bevy of earnings reports for further confirmation that the economy is improving.
Wall Street fluctuates in narrow range as investors await reading on manufacturing activityMay 1st, 2009 Stocks fluctuate ahead of manufacturing dataNEW YORK — Stocks are starting May with modest moves ahead of a key reading on U.S. manufacturing.
Manufacturing index shows contraction in April, but rate slows from MarchMay 1st, 2009 Report shows slower manufacturing contractionPITTSBURGH — U.S. manufacturing activity contracted at a slower-than expected pace in April, according to figures from a private trade group that suggest the economic decline may be moderating.
Stocks lose ground following mixed reports on manufacturing, factory ordersMay 1st, 2009 Stocks fall on mixed manufacturing, factory dataNEW YORK — Stocks are slipping following mixed data on manufacturing and factory orders. The Institute for Supply Management's manufacturing index contracted at a slower pace in April.
Wall Street set for modest gain as investors await reading on manufacturing activityMay 1st, 2009 US stock futures edge up before manufacturing dataNEW YORK — Stocks are set for a modest gain ahead of a key reading on U.S. manufacturing.
Loading ...