US open: Stocks move lower early on first day of March trading

Wall Street stocks were in the red early on Wednesday as March trading kicked off in much the same was as February wrapped up.

As of 1515 GMT, the Dow Jones Industrial Average was down 0.24% at 32,579.35, while the S&P 500 slipped 0.58% to 3,947.30 and the Nasdaq Composite came out the gate 0.64% weaker at 11,381.79.

The Dow opened 77.35 points lower on Wednesday, extending losses recorded in the previous session as investors digested a number of macro points.

Stronger-than-expected data out of China boosted sentiment prior to the open, with the nation's National Bureau of Statistics revealing that its manufacturing PMI rose to 52.6 last month, but stateside data after the opening bell saw major averages take a turn for the worse.

On the macro front, US mortgage applications fell 5.7% in the week ended 24 February for a third consecutive decline and almost 28-year low. According to the Mortgage Bankers Association, applications to refinance a home loan dropped 5.5% and applications to purchase a home loan declined 5.6%.

Elsewhere, factory sector activity in the US experienced a solid decline last month as levels of output and new orders registered further falls. S&P Global's factory sector Purchasing Managers' Index rose from a reading of 46.9 for January to 47.3 in February - short of a preliminary reading of 47.8 and the quickest pace of contraction since 2009, outside of the pandemic lockdown.

On another note, February's manufacturing PMI from the Institute of Supply Management edged slightly higher to 47.7, up from 47.4 in January but below forecasts for a reading go 48.

Finally, US construction spending dipped 0.1% month-on-month in January to $1.82trn, according to the Census Bureau, following an upwardly revised contraction in December and falling short of expectations of 0.2% increase..

In the corporate space, Kohls posted a surprise holiday-quarter loss, Wendys beat quarterly earnings estimates, Lowe's beat on earnings but delivered revenues that disappointed amid swindling DIY demand, and Dollar Tree shares rose after posting a quarterly earnings beat.

Salesforce will report earnings after the close on Wednesday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

3M Co. (MMM) $111.63 3.61%
Intel Corp. (INTC) $25.77 3.37%
Caterpillar Inc. (CAT) $245.94 2.67%
Dow Chemical Co. (DOW) $58.09 1.56%
Salesforce.Com Inc. (CRM) $165.79 1.33%
Merck & Co. Inc. (MRK) $107.21 0.91%
Chevron Corp. (CVX) $162.16 0.86%
Nike Inc. (NKE) $119.63 0.71%
American Express Co. (AXP) $174.81 0.47%
Boeing Co. (BA) $202.20 0.32%

Dow Jones - Fallers

Home Depot Inc. (HD) $291.85 -1.58%
Walmart Inc. (WMT) $140.23 -1.34%
Coca-Cola Co. (KO) $58.94 -0.96%
Verizon Communications Inc. (VZ) $38.47 -0.88%
Walgreens Boots Alliance, Inc. (WBA) $35.27 -0.73%
Goldman Sachs Group Inc. (GS) $349.14 -0.71%
JP Morgan Chase & Co. (JPM) $142.56 -0.55%
McDonald's Corp. (MCD) $262.65 -0.48%
Visa Inc. (V) $218.97 -0.44%
Johnson & Johnson (JNJ) $152.62 -0.42%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $1.49 7.97%
Verisk Analytics Inc. (VRSK) $182.24 6.51%
Freeport-McMoRan Inc (FCX) $43.05 5.08%
3M Co. (MMM) $111.63 3.61%
Celanese Corp. (CE) $120.35 3.54%
Intel Corp. (INTC) $25.77 3.37%
Dollar Tree Inc (DLTR) $149.88 3.17%
Valero Energy Corp. (VLO) $135.52 2.88%
Eog Resources Inc. (EOG) $116.19 2.80%
Caterpillar Inc. (CAT) $245.94 2.67%

S&P 500 - Fallers

Universal Health Services Inc. (UHS) $128.54 -3.76%
Lowe's Companies Inc. (LOW) $198.63 -3.46%
Agilent Technologies Inc. (A) $137.58 -3.09%
Alexandria Real Estate Equities Inc. (ARE) $145.95 -2.56%
Target Corp. (TGT) $164.41 -2.43%
Advance Auto Parts (AAP) $141.65 -2.28%
Monster Beverage Corp (MNST) $99.63 -2.10%
Eversource Energy (ES) $73.85 -2.00%
Digital Realty Trust (DLR) $102.23 -1.92%
Ventas Inc. (VTR) $47.72 -1.91%

Nasdaq 100 - Risers

Verisk Analytics Inc. (VRSK) $182.24 6.51%
NetEase Inc. Ads (NTES) $82.60 6.39%
Baidu Inc. (BIDU) $144.40 4.87%
Trip.com Group Limited (TCOM) $37.20 4.64%
JD.com, Inc. (JD) $45.97 3.44%
Intel Corp. (INTC) $25.77 3.37%
Dollar Tree Inc (DLTR) $149.88 3.17%
Biomarin Pharmaceutical Inc. (BMRN) $102.34 2.76%
Applied Materials Inc. (AMAT) $119.19 2.62%
Wynn Resorts Ltd. (WYNN) $111.12 2.54%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $1.76 -16.35%
Monster Beverage Corp (MNST) $99.63 -2.10%
DENTSPLY Sirona Inc. (XRAY) $37.41 -1.73%
Tesla Inc (TSLA) $202.98 -1.33%
Ross Stores Inc. (ROST) $109.12 -1.28%
O'Reilly Automotive Inc. (ORLY) $820.08 -1.21%
Intuit Inc. (INTU) $402.28 -1.20%
Kraft Heinz Co. (KHC) $38.49 -1.16%
Dish Network Corp. (DISH) $11.29 -1.05%
Sirius XM Holdings Inc (SIRI) $4.34 -1.03%