Energy stocks were the biggest losers, with Exxon Mobil (XOM.N) and Chevron (CVX.N) leading the losses after reporting poor results on Friday. Crude fell to the lowest level since March on signs that supplies remained ample as demand was expected to weaken. Crude prices are on course for their weakest third-quarter performance since the financial crisis in 2008.
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On the one hand, consumer spending rose 0.2% in June from a month earlier, in line with expectations, the Commerce Department said, and consumer prices rose slightly in June, according to the Federal Reserve’s preferred inflation gauge.
MANUFACTURING: U.S. factories were a little less busy last month.
Apple shares slid after a report by Canalys said Apple gave up some smart-phone market share in China to local rivals in the second quarter.
In Australia, the benchmark S&P/ASX200 index advanced 0.33 per cent or 18.6 points to close at 5,697.9.
Five minutes into trade on Tuesday, the Dow Jones Industrial Average stood at 17,613.30, up 15.10 points (0.09 per cent). The S&P 500 lost 0.69 percent to 2,089.29 and the Nasdaq Composite dropped 0.64 percent to 5,095.24.
The S&P 500 index is up 34.42 points, or 1.7 per cent.
Though Monday’s data matters, Friday’s jobs report is seen by many investors as the next big catalyst for U.S. stocks, as it is viewed as be a strong determinant for the Fed’s timing on raising short-term interest rates. Tyson Foods slumped after cutting its earnings outlook for the year.The corporate, which owns the Jimmy Dean breakfast sausage model, blamed circumstances within the beef marketplace for its woes, citing excessive cattle prices and “export points” as elements that have been hurting its income.
Peabody Energy (BTU.N) declined 9.17% as President Barack Obama prepared to unveil the final version of his plan to tackle greenhouse gases from coal-fired power plants.
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Declining issues outnumbered advancers on the NYSE by 1,634 to 1,125. On the Nasdaq, that ratio was 1.73 to 1 ratio favoring decliners.
