US open: Major indices trade lower at the bell

dl exchange place wall st street pl new york city nyc ny nyse stock exchange dow jones sp nasdaq finance dollar dollars us usa united states of america — Exchange PlaceSharecast photo / Josh White

Wall Street stocks opened lower on Monday ahead of some key retail data and earnings slated for later in the week.

As of 1450 BST, the Dow Jones Industrial Average was down 0.48% at 32,043.13, while the S&P 500 was 0.52% weaker at 4,002.95 and the Nasdaq Composite came out the gate 0.71% softer at 11,721.54.

The Dow opened 153.53 points lower on Monday, taking a bite out of gains recorded in the previous session when the blue-chip index managed to snap a six-day losing streak for the blue-chip index.

Major indices were in the red at the opening bell after ending last week on a positive note as investors switched into relief rally mode and the Nasdaq registered its best daily gain since November 2020, led by hard-hit tech and growth stocks.

Disappointing Chinese economic numbers were in focus early on Monday, with data showing that China's zero-tolerance policy had caused industrial output and consumer spending to slump and hit their lowest level since the Covid-19 pandemic began, with industrial output falling 2.9% in April and retail sales contracting 11.1%. The unemployment rate also climbed to 6.1.

On the macro front, the New York Empire State manufacturing index surprisingly fell to -11.6 in May, down from 24.6 in April to miss market expectations for a reading of 17. According to the Federal Reserve Bank of New York, new orders decreased to -8.8, while shipments fell at the fastest pace since early in the Covid-19 pandemic - tumbling to -15.4 from 34.5 in the previous month. Delivery times also continued to lengthen and inventories expanded.

No major corporate earnings were scheduled for release on Monday but the likes of Walmart, Target, and Home Depot will all report before the week is throughout.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Chevron Corp. (CVX) $171.57 2.20%
Boeing Co. (BA) $128.59 1.09%
Merck & Co. Inc. (MRK) $91.15 0.82%
Caterpillar Inc. (CAT) $205.93 0.78%
Travelers Company Inc. (TRV) $173.44 0.38%
Unitedhealth Group Inc. (UNH) $487.23 0.38%
International Business Machines Corporation (CDI) (IBM) $133.77 0.13%
Dow Chemical Co. (DOW) $67.64 0.11%
Nike Inc. (NKE) $113.03 0.01%
Dowdupont Inc. (DWDP) $30.52 0.00%