US open: Stocks mixed as economic data comes in below forecasts

Wall Street is trading on a mixed note on Tuesday following weaker than expected readings on the US economy and as investors wait on speeches from central bank officials later in the day.

At 1528 BST, the Dow Jones Industrial Average was up 0.14% to 20,927.85, while the S&P 500 was higher by 0.14% to 2,397.22 but the Nasdaq Composite was down 0.06% at 6,129.07.

Meanwhile, stocks in the UK were edging a little higher despite a suicide bomb attack at an Ariana Grande concert in Manchester that has left 22 people dead - including children - and more than 50 injured.

IHS Markit's manufacturing sector purchasing managers' index retreated unexpectedly from a reading of 52.8 for April to 52.5 in May (consensus: 53.4).

However, that was offset by a jump in an equivalent gauge for the country's services sector from 53.1 in April to 54.0 for May - a four-month high.

Commenting on Tuesday's PMI surveys, Chris Williamson at Markit said: "Growth of US business activity gained a little
momentum for a second successive month in May, but the upturn still looks somewhat underwhelming."

In parallel, US new home sales plummeted 11.4% month-on-month in April to reach 569,000 (consensus: 610,000), although the blow from the data was softened by upwards revisions to prior months' figures.

Oil prices were on the back foot ahead of Thursday's OPEC meeting in Vienna. West Texas Intermediate was down 1% to $50.66 a barrel and Brent crude was off 1.1% to $53.31.

IG analyst Chris Beauchamp said: "We have already had plenty of headlines this morning, as Kuwait lets everyone know that a big extension in cuts could be difficult to achieve. This sounds like expectation management - given the surge in crude prices in recent weeks, the cartel needs to play down hopes of a deal, so that when one arrives the market will roll over obediently and continue bidding up the oil price.

To take note of, Minneapolis Fed chief Neel Kashkari told an audience he was in no hurry to raise interest rates.

Kashkari, the lone dissenter when the central bank last raised interest rates, said recent soft prints on inflation were "concerning".

Philadelphia Fed president Patrick Harker was still set to deliver a speech at 2200 BST, ahead of the release of the Fed's latest minutes on Wednesday.

In corporate news, shares of Agilent Technologies were trading on the frontfoot after the firm lifted its earnings and revenue guidance for the year late on Monday.

Dow Jones - Risers

Nike Inc. (NKE) $52.14 1.11%
Cisco Systems Inc. (CSCO) $31.80 0.66%
International Business Machines Corp. (IBM) $153.51 0.57%
Visa Inc. (V) $93.69 0.41%
Exxon Mobil Corp. (XOM) $82.55 0.32%
United Technologies Corp. (UTX) $122.04 0.31%
Coca-Cola Co. (KO) $44.31 0.29%
Pfizer Inc. (PFE) $32.21 0.26%
Chevron Corp. (CVX) $106.40 0.26%
E.I. du Pont de Nemours and Co. (DD) $77.57 0.25%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $174.49 -0.12%
Goldman Sachs Group Inc. (GS) $215.84 -0.08%
Walt Disney Co. (DIS) $107.55 -0.07%
Home Depot Inc. (HD) $155.95 -0.00%
Intel Corp. (INTC) $35.78 0.03%
Boeing Co. (BA) $183.76 0.05%
Wal-Mart Stores Inc. (WMT) $78.59 0.05%
American Express Co. (AXP) $77.05 0.09%
Travelers Company Inc. (TRV) $121.79 0.12%
JP Morgan Chase & Co. (JPM) $84.81 0.13%

S&P 500 - Risers

Agilent Technologies Inc. (A) $58.95 5.12%
NRG Energy Inc. (NRG) $16.52 3.54%
McKesson Corp. (MCK) $158.26 1.83%
Danaher Corp. (DHR) $84.35 1.74%
Activision Blizzard Inc. (ATVI) $58.10 1.72%
Electronic Arts Inc. (EA) $110.10 1.58%
eBay Inc. (EBAY) $34.38 1.54%
Wynn Resorts Ltd. (WYNN) $126.88 1.37%
First Solar Inc. (FSLR) $36.89 1.26%
PVH Corp. (PVH) $103.32 1.17%

S&P 500 - Fallers

AutoZone Inc. (AZO) $605.29 -8.22%
Xilinx Inc. (XLNX) $63.88 -5.39%
O'Reilly Automotive Inc. (ORLY) $236.29 -4.90%
Alexion Pharmaceuticals Inc. (ALXN) $111.27 -3.60%
Advance Auto Parts (AAP) $142.87 -3.05%
Helmerich & Payne Inc. (HP) $58.07 -3.02%
TripAdvisor Inc. (TRIP) $41.82 -2.68%
Lincoln National Corp. (LNC) $63.63 -2.29%
Ameriprise Financial Inc. (AMP) $122.55 -2.05%
GameStop Corp. (GME) $23.60 -1.87%

Nasdaq 100 - Risers

NetEase Inc. Ads (NTES) $300.82 2.43%
Liberty Global Plc Lilac Class A (LILA) $21.83 2.30%
Liberty Global Plc Lilac Class C (LILAK) $21.31 2.06%
Activision Blizzard Inc. (ATVI) $58.10 1.72%
Electronic Arts Inc. (EA) $110.10 1.58%
eBay Inc. (EBAY) $34.38 1.54%
Wynn Resorts Ltd. (WYNN) $126.88 1.37%
Monster Beverage Corp (MNST) $48.85 1.06%
Mylan Inc. (MYL) $39.02 0.98%
Liberty Global plc Series C (LBTYK) $30.10 0.87%

Nasdaq 100 - Fallers

Xilinx Inc. (XLNX) $63.88 -5.39%
O'Reilly Automotive Inc. (ORLY) $236.29 -4.90%
Alexion Pharmaceuticals Inc. (ALXN) $111.27 -3.60%
CA Inc. (CA) $31.50 -1.22%
Dollar Tree Inc (DLTR) $79.98 -1.16%
Symantec Corp. (SYMC) $29.30 -0.95%
Micron Technology Inc. (MU) $27.82 -0.86%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $50.11 -0.79%
Tesla Inc (TSLA) $307.99 -0.76%
Analog Devices Inc. (ADI) $81.66 -0.52%