Tue, 03 Aug 2021

U.S. stocks slip amid economic data

Xinhua
16 Jun 2021, 07:05 GMT+10

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

The Dow Jones Industrial Average slid 94.42 points, or 0.27 percent, to 34,299.33. The S&P 500 lost 8.56 points, or 0.20 percent, to 4,246.59. The Nasdaq Composite Index decreased 101.29 points, or 0.71 percent, to 14,072.86.

Seven of the 11 primary S&P 500 sectors ended in red, with real estate down 1.03 percent, leading the laggards. Energy jumped 2.06 percent, the best-performing group.

U.S.-listed Chinese companies traded mostly lower with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

On the economic front, U.S. retail sales dropped 1.3 percent in May, 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 also focus on the Federal Reserve's two-day policy meeting on Tuesday and Wednesday.

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