US stocks mostly lower after data comes in worse than forecast

US stocks were mostly lower after worse-than-expected data in the world’s largest economy.

A report on industrial production showed a 0.1% drop in October, following a 0.8% increase a month earlier and compared to market estimates of a 0.2% increase. Manufacturing production rose 0.2% in October after a 0.2% gain in September, as expected.

“While industry should be hit harder than other sectors, the strength of domestic demand will prevent a major slowdown,” Capital Economics said.

The Empire Manufacturing index rose to 10.16 in November from 6.17 the prior month, less than the 12.00 forecast.

In another drag to markets, Japanese gross domestic product dropped an annualised 1.6% in the third quarter, compared to a fall of 7.3% in the previous quarter, surprising analysts who had expected 2.2% growth.

In company news, Actavis advanced after reaching a deal to pay about $66bn for Allergan Inc.

Baker Hughes gained after agreeing to a takeover offer from Halliburton Co. for $34.6bn.

DreamWorks Animation SKG slumped after Hasbro’s approach to buy the studio reportedly ended without agreement.

West Texas Intermediate crude oil declined 0.86% to $75.17 per barrel, according to the ICE.