US open: Wall Street lower after slightly mixed data

Wall Street was struggling following the release of slightly mixed readings on US industrial production and homebuilding.

As of 16:38 BST the Dow Jones Industrial Average was 61.98 points or 0.34% lower to 17,648.11, alongside a fall of 5.57 points or 0.27% in the S&P 500 and a 9.65 point or 0.21% loss for the Nasdaq Composite.

Industrial production sped ahead by 0.7% month-on-month in April (consensus: 0.3%), albeit flattered by a 5.8% jump in utilities' output.

"The industrial economy is strong enough for inflation hawks to remain hawkish and weak enough for doves to remain dovish. The battle at the next FOMC will be fought over the labor market and inflation numbers," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said in a research report sent to clients.

As expected, data earlier in the data revealed that year-on-year CPI advanced at a 1.1% clip in April following a 0.9% increase a month earlier.

The Federal Reserve is targeting 2% inflation and will be taking the data into consideration ahead of its next decision on interest rates in June. The Fed releases the minutes of its 26-27 April meeting on Wednesday which may offer clues on the central bank’s plans for policy.

Housing starts Staeside rocketed 6.6% to 1,172m in April, above the consensus forecast for an annualised rate of 1,125m.

However, permits, a lead indicator for activity in the sector, were weaker than expected, climbing by 3.6% over the month to reach an annualised rate of 1.116m (consensus: 1,135m).

Later on Tuesday afternoon, San Francisco Federal Reserve Bank President John Williams was scheduled to speak on the economy at the Politico Event in New York at 1700 BST, a day after saying he expects between two to three interest rate hikes this year.

Fed Bank of Dallas President Robert Kaplan is also due to speak in a moderated question and answer session at the Petroleum Club of Midland in Texas at 1815 BST.

Company-wise, Apple's shares edged higher a day after Warren Buffett’s Berkshire Hathaway Inc. bought a 9.8 million-share stake during the first quarter.

Shares of LendingClub Corp. dropped sharply as the online lender revealed it was being investigated by the US Justice Department late Monday, following the disclosure of faulty internal controls.

Home Depot advanced after raising its 2016 earnings outlook and reporting better-than-expected first quarter results.

Perrigo Co. slumped after the maker of health care products reported a fourth-quarter loss.

From a sector standpoint, the largest gains were to be seen in the following industrial groups: Non-ferrous metals (6.05%), Marine transportation (5.82%) and Gold mining (3.59%).

Oil prices reversed course after early losses, with West Texas Intermediate crude oil futures climbing 1.1% to $48.24 per barrel and Brent up by 0.83% to $49.38 per barrel.

S&P 500 - Risers
United Rentals Inc. (URI) $65.66 +7.75%
Southwestern Energy Co. (SWN) $12.25 +6.89%
Freeport-McMoRan Inc (FCX) $11.80 +6.88%
Chesapeake Energy Corp. (CHK) $4.13 +5.90%
Williams Companies Inc. (WMB) $21.80 +5.88%
Seagate Technology Plc (STX) $20.14 +5.11%
Diamond Offshore Drilling Inc. (DO) $24.81 +3.89%
Transocean Ltd. (RIG) $9.84 +3.80%
Stericycle Inc. (SRCL) $99.06 +3.76%
Western Digital Corp. (WDC) $36.81 +3.49%

S&P 500 - Fallers
Westrock Company (WRK) $37.92 -4.31%
AbbVie Inc (ABBV) $59.82 -4.21%
Activision Blizzard Inc. (ATVI) $38.10 -3.26%
Alexion Pharmaceuticals Inc. (ALXN) $140.19 -3.03%
Constellation Brands Inc. Class A (STZ) $157.78 -2.92%
Kimco Realty Corp. (KIM) $28.43 -2.37%
Hormel Foods Corp. (HRL) $39.31 -2.31%
Eli Lilly and Company (LLY) $76.52 -2.26%
International Paper Co. (IP) $41.26 -2.25%
Kraft Heinz Co. (KHC) $84.02 -2.15%

Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $72.06 +1.92%
E.I. du Pont de Nemours and Co. (DD) $64.99 +1.01%
Goldman Sachs Group Inc. (GS) $156.78 +0.90%
JP Morgan Chase & Co. (JPM) $61.93 +0.43%
Walt Disney Co. (DIS) $100.79 +0.43%
Nike Inc. (NKE) $57.30 +0.28%
Exxon Mobil Corp. (XOM) $89.67 +0.11%

Dow Jones I.A - Fallers
Home Depot Inc. (HD) $132.81 -1.87%
Microsoft Corp. (MSFT) $50.98 -1.64%
Coca-Cola Co. (KO) $45.00 -1.35%
Procter & Gamble Co. (PG) $80.62 -1.24%
Visa Inc. (V) $77.01 -1.02%
McDonald's Corp. (MCD) $128.33 -1.01%
American Express Co. (AXP) $63.47 -0.94%
Travelers Company Inc. (TRV) $111.37 -0.78%
Pfizer Inc. (PFE) $33.13 -0.75%
Cisco Systems Inc. (CSCO) $26.77 -0.74%

Nasdaq 100 - Risers
Seagate Technology Plc (STX) $20.14 +5.11%
Stericycle Inc. (SRCL) $99.06 +3.76%
Western Digital Corp. (WDC) $36.81 +3.49%
American Airlines Group (AAL) $33.10 +3.05%
JD.com, Inc. (JD) $24.05 +2.91%
Endo International Plc (ENDP) $14.71 +2.84%
TripAdvisor Inc. (TRIP) $66.57 +2.57%
Baidu Inc. (BIDU) $172.20 +2.52%
Mylan Inc. (MYL) $41.46 +2.50%
Vodafone Group Plc ADS (VOD) $33.49 +2.29%

Nasdaq 100 - Fallers
Activision Blizzard Inc. (ATVI) $38.10 -3.26%
Biomarin Pharmaceutical Inc. (BMRN) $83.70 -3.20%
Alexion Pharmaceuticals Inc. (ALXN) $140.19 -3.03%
Incyte Corp. (INCY) $74.70 -2.31%
Kraft Heinz Co. (KHC) $84.02 -2.15%
Electronic Arts Inc. (EA) $74.99 -2.13%
Regeneron Pharmaceuticals Inc. (REGN) $383.92 -2.05%
Mondelez International Inc. (MDLZ) $43.66 -1.93%
Maxim Integrated Products Inc. (MXIM) $35.72 -1.76%
Walgreens Boots Alliance, Inc. (WBA) $77.51 -1.72%