Recently, the major averages have climbed off their lows for the young session, but they remain in the red. The Dow is down 16.75 points or 0.1% at 16,700.42, the Nasdaq is down 20.35 points or 0.5% at 4,222.26 and the S&P 500 is down 4.49 points or 0.2% at 1,919.08.
The pullback by stocks was partly due to the release of a report from the
The ISM said its manufacturing index dipped to 53.2 in May from 54.9 in April. While a reading above 50 indicates continued growth in the manufacturing sector, economists had expected the index to climb to a reading of 55.5.
A separate report from the
The report said construction spending edged up 0.2% to annual rate of
Networking, internet, and biotechnology stocks have come under pressure in early trading, contributing to a notable drop by the tech-heavy Nasdaq.
However, most of the other major sectors have shown more modest moves to the downside, as selling pressure has remained relatively subdued.
In overseas trading, stock markets across the
Meanwhile, the major European markets are turning in a mixed performance. While the
In the bond market, treasuries are seeing some weakness on the day but have climbed off their worst levels. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.4 basis points at 2.491%.
Most Popular Stories
- Criminal Investigation Opened Into James Foley's Death
- Rocket Explodes During U.S. Test Flight
- Koch Brothers Took Genes, Money in Different Directions
- Short-Term Loans Comes at a Heavy Price
- Apple Stock Bounces Back Big Time
- Is Diversity in the Eye of the Beholder?
- 'Mythbusters' Build Team Gets the Boot
- Florida Judge Rules in Favor of GOP Voter Map
- Jennifer Lopez Would Marry Again
- Investors Betting on ECB Stimulus Measures