US open: Stocks slide on the back of disappointing consumer confidence data

US stocks slid on Friday, on the back of disappointing consumer sentiment data and mixed earnings reports.

Just after 15:00 BST, the Dow Jones Industrial Average was down 25 points, while the S&P 500 and the Nasdaq lost four and 13 points, respectively.

US consumer sentiment fell to a reading of 88.6 in May, a seven-month low, compared with a final April level of 95.9, a report from the University of Michigan said on Friday.

Analysts had expected the closely-monitored index to fall to 94.5 in May's preliminary reading.

On the back of the disappointing reading, the dollar fell 0.15% against the euro and 0.12% against the pound, although it was broadly stable against the yen, while gold futures slid 0.58% to $1,218.10.

Manufacturing activity in the New York Fed's jurisdiction rebounded slightly in May, but not by as much as analysts had hoped for, as the so-called Empire State factory gauge increased to 3.1 this month, according to the New York Federal Reserve.

This marked an improvement from April's reading of -1.2, the index's first reading below zero since December.

Meanwhile, US industrial production unexpectedly dropped 0.3% month-on-month in April after a revised 0.3% decline in March, compared with the consensus forecast for no change and marking a fifth straight decline.

"The April industrial production report reflects the continued headwinds the US manufacturing sector faces from a strong dollar, lower oil prices and softness in international demand," Barclays analysts said in a note.

Netflix in China talks

In company news, Netflix rose 3.06% on the heels of reports the Internet TV network was in talks with a Chinese media group to enter the country’s on-demand streaming market.

Fast food retailer Yum! Brands gained 1.5%after the fast-food company was upgraded to overweight from neutral at JP Morgan, while sector peer El Pollo Loco plunged 14.45% after reporting sales that fell below forecasts at the end of the previous session.

King Digital Entertainment fell 4.60% after the “Candy Crush” maker reported a decline in revenue late Thursday, while retailer Nordstrom slid 0.07% after its results fell short of estimates

Elsewhere, almost all European stocks built on Thursday’s gains to edge higher, while Hong Kong’s Hang Seng index closed up 2%, following speculation that a stock-connect programme between Hong Kong and Shenzhen could be announced in the next 48 hours.

Oil prices slid, with West Texas Intermediate losing 1.73% to $58.86 a barrel, while Brent shed 1.41% to $65.77 a barrel.