US open: Markets in decline as ISM data rolls in lower than expected

US stocks were declining on Tuesday after the latest factory orders and non-manufacturing ISM data came in lower than expected.

The Dow Jones Industrial Average fell 0.40% to 17,432.16 while the Nasdaq dropped 0.38% to 4,145.30 and S&P 500 decreased 0.34% to 2,013.64.

Financial analyst Connor Campbell from Spreadex said: “After a quiet Monday led to doom-laden afternoon for the US markets which saw red marks across the board, the Dow et al. will be looking to American ISM non-manufacturing PMI and factory orders to try and lift not only the US markets, but the worldwide indices, from what looks set to be another difficult morning.”

The ISM services survey's employment gauge fell to 56.0 from a previous score of 56.7, while that for prices paid dropped to 49.5 from 54.4, marking the first time since September 2009 that it had been below 50.

Meanwhile, crude futures opened lower by 3.667%, moving down to $48.27 a barrel while Brent futures were retreating by 2.886% to $51.62 a barrel early in the day.

Over on COMEX, gold futures were gaining 0.35% to $1,208.20 while the dollar advanced against the pound and the euro but fell against the yen.

The yield on a benchmark US 10-year Treasury dropped 6 basis points to 3.16% while in the corporate world Newmont Mining rose 3.44% and PVH Corp was falling 4.33%.