With disappointing economic data weighing on sentiment, stocks moved mostly lower over the course of the trading day on Monday. The pullback on the day partly offset the strength that was seen in the markets last week.
Automakers on Monday reported strong U.S. vehicle sales for the month of July, driven by continued demand for trucks and sport-utility vehicles amid an improving economy, lower gas prices and easy availability of credit. Detroit's Big Three - General Motors Co., Ford Motor Co. and FCA US, LLC - all reported vehicle sales above analyst expectations.
After moving mostly lower earlier in the session, stocks are turning in a mixed performance in mid-day trading on Monday. The tech-heavy Nasdaq has bounced back into positive territory, while the Dow and the S&P 500 are in the red.
After seeing some strength last week, stocks have moved mostly lower over the course of early trading on Monday. The major averages have all dropped into negative territory, although selling pressure has remained somewhat subdued.
Activity in the U.S. manufacturing sector unexpectedly grew at a slower rate in the month of July, the Institute for Supply Management revealed in a report on Monday. The ISM said its purchasing managers index dipped to 52.7 in July from 53.5 in June.
Construction spending in the U.S. increased by much less than expected in the month of June, according to a report released by the Commerce Department on Monday. The report said construction spending inched up by 0.1 percent to an annual rate of $1.065 trillion in June.
Kraft Heinz Co. has voluntarily recalled about 36,000 cases of Kraft Singles cheese, citing potential choking hazard. However, the choking hazard is not related to the cheese slices, but to the packaging. Kraft Heinz said that to date, there have been 10 consumer complaints about the packaging, including three reports of consumer choking.
Consumer products maker Clorox Co. reported Monday a profit for the fourth quarter that grew 12 percent from last year, reflecting higher gross margins and sales growth. Both adjusted earnings per share from continuing operations and quarterly sales topped analysts' expectations.
Personal income in the U.S. increased by slightly more than expected in the month of June, according to a report released by the Commerce Department on Monday. The report said personal income rose by 0.4 percent in June, matching the increases seen in each of the two previous months.
Telecom giant AT&T (T) Monday said it would deliver the first-ever nationwide package of TV and wireless services, beginning August 10.
The bundled offer includes HD and DVR service for up to four TV receivers, unlimited talk and text for four wireless lines, and 10GB of shareable wireless data. All...
Meat products maker Tyson Foods, Inc. on Monday reported a 32 percent increase in profit for the third quarter from last year on sales growth amid higher volume and pricing. However, revenue as well as adjusted earnings per share for the quarter missed analysts' expectations and the company lowered its earnings outlook for fiscal 2015, reflecting weakness in the company's beef business.
With traders seemingly reluctant to make any significant moves, stocks may show a lack of direction in early trading on Monday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures up by just 11 points.
Travel cash card holders of Commonwealth Bank in Australia had a nightmare when the card stopped functioning due to an unknown technical glitch. The card was giving error messages while trying to access for payments. Most of the customers were not able to access the bank website to view their travel money balance.
Reinsurer PartnerRe Ltd. agreed Monday to be acquired by Italian investment firm Exor S.p.A in an all-cash deal of $140.50 per share, including a special pre-closing dividend of $3.00 per share, for a total transaction value of about $6.9 billion. The deal, which has the unanimous approval of the the Boards of Directors of both PartnerRe and Exor, is expected to close in the first quarter of 2016
The U.K. manufacturing sector growth improved in July but new order growth eased to a 10-month low, casting concerns over the sustainability of future momentum. The Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index rose to 51.9 in July from a 26-month low of 51.4 in June, data from Markit revealed Monday. It was forecast to rise marginally to 51.5.