Tue, 03 Aug 2021

U.S. stocks struggle following economic data

16 Jun 2021, 02:05 GMT+10

NEW YORK, June 15 (Xinhua) -- U.S. stocks moved lower on Tuesday morning, as investors sifted through the latest economic data.

Shortly after the opening bell, the Dow Jones Industrial Average decreased 101.315 points, or 0.29 percent, to 34,292.44. The S&P 500 slipped 3.47 points, or 0.08 percent, to 4,251.68. The Nasdaq Composite Index declined 8.85 points, or 0.06 percent, to 14,165.30.

Nine of the 11 primary S&P 500 sectors pulled back in morning trading, with materials and real estate both down more than 0.5 percent, leading the laggards. Energy rose 1.5 percent, the best-performing group.

On the economic front, U.S. retail sales dropped 1.3 percent, the Commerce Department reported on Tuesday. Economists polled by Dow Jones and The Wall Street Journal had forecast a 0.7-percent decline.

Meanwhile, a key report showed bigger-than-expected inflationary pressures.

The producer price index in the United States rose 0.8 percent in May for a 6.6 percent yearly increase, according to the Labor Department. Both numbers were hotter than expected.

Investors will also focus on the Federal Reserve's two-day policy meeting on Tuesday and Wednesday.

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