The negative sentiment is partly due to the release of a report from the
The report said personal spending edged down by 0.1% in April after surging up by 1.0% in March. The modest decrease surprised economists, who had expected spending to rise by 0.2%.
The unexpected drop in spending came despite a continued increase in personal income, which rose by 0.3% in April following a 0.5% increase in March. The increase marked the fourth straight month of growth and matched expectations. While most economists are likely to continue to expect a rebound in economic activity in the second quarter, the data may still lead to some trepidation after yesterday's report showing a contraction in first quarter GDP.
Not long after the start of trading, MNI Indicators is scheduled to release a separate report on
Thomson Reuters and the
The consumer sentiment index for May is expected to be upwardly revised to 82.5 from the mid-month reading of 81.8, which was down from 84.1 in April.
Stocks moved mostly higher over the course of the trading day on Thursday, more than offsetting the modest weakness seen on Wednesday. With the gains on the day, the S&P 500 reached another new record closing high.
The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow rose 65.56 points or 0.4% to 16,698.74, the Nasdaq climbed 22.87 points or 0.5% to 4,247.95 and the S&P 500 advanced 10.25 points or 0.5% to 1,920.03.
In overseas trading, stock markets across the
The major European markets have also moved to the downside on the day. While the German DAX Index is just below the unchanged line, the
In commodities trading, crude oil futures are falling
Among currencies, the US dollar is trading at
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