Investing.com - U.S. stocks opened lower on Tuesday, after the release of mixed U.S. economic reports, while concerns over upcoming U.S. debt ceiling negotiations loomed.
During early U.S. trade, the Dow Jones Industrial Average fell 0.24%, the S&P 500 index dropped 0.39%, while the Nasdaq Composite index retreated 0.80%.
The Commerce Department said U.S. retail sales rose 0.5% in December, beating expectations for a 0.2% gain.
Another report showed that the Empire State manufacturing index declined to minus 7.8 in January from a reading of minus 7.3 in December. Analysts had expected the index to improve to 2.0.
Meanwhile, investors remained cautious, as negotiations on raising the U.S. debt ceiling were coming up in February.
On Monday, Federal Reserve Chairman Ben Bernanke said that he was still unsatisfied with the economy’s progress, despite some recent signs of improvement.
Financial stocks were broadly lower, as shares in JP Morgan dipped and Goldman Sachs fell 0.20%, while Citigroup slipped 0.26% and Bank of America dropped 0.70%.
U.S. banking regulators on Monday ordered JPMorgan Chase to tighten its risk controls after the bank lost billions of dollars due to bad bets from a trader known as the "London Whale".
In addition, earnings reports from Goldman Sachs, JPMorgan are expected on Wednesday.
On the upside, Dell jumped 1.89% following reports the computer maker is discussing a leveraged buyout with private-equity firms TPG Capital and Silver Lake.
RadioShack added to gains, advancing 1.30%, after the company said it ended a mobile phone partnership with Target, as the two companies could not agree on a new deal that would be profitable for both companies.
Elsewhere, Facebook climbed 0.81% ahead of a highly anticipated news event at its headquarters.
Among earnings, Lennar tumbled 1.12% even as it posted results that topped expectations and reported a seventh-straight jump in new home orders.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 declined 0.74%, France’s CAC 40 dropped 0.31%, Germany's DAX tumbled 0.94%, while Britain's FTSE 100 dipped 0.01%.
During the Asian trading session, Hong Kong's Hang Seng Index slipped 0.14%, while Japan’s Nikkei 225 Index climbed 0.72%.
Also Tuesday, a report showed that producer prices in the U.S. fell 0.2% last month, compared to expectations for a 0.1% decline.
During early U.S. trade, the Dow Jones Industrial Average fell 0.24%, the S&P 500 index dropped 0.39%, while the Nasdaq Composite index retreated 0.80%.
The Commerce Department said U.S. retail sales rose 0.5% in December, beating expectations for a 0.2% gain.
Another report showed that the Empire State manufacturing index declined to minus 7.8 in January from a reading of minus 7.3 in December. Analysts had expected the index to improve to 2.0.
Meanwhile, investors remained cautious, as negotiations on raising the U.S. debt ceiling were coming up in February.
On Monday, Federal Reserve Chairman Ben Bernanke said that he was still unsatisfied with the economy’s progress, despite some recent signs of improvement.
Financial stocks were broadly lower, as shares in JP Morgan dipped and Goldman Sachs fell 0.20%, while Citigroup slipped 0.26% and Bank of America dropped 0.70%.
U.S. banking regulators on Monday ordered JPMorgan Chase to tighten its risk controls after the bank lost billions of dollars due to bad bets from a trader known as the "London Whale".
In addition, earnings reports from Goldman Sachs, JPMorgan are expected on Wednesday.
On the upside, Dell jumped 1.89% following reports the computer maker is discussing a leveraged buyout with private-equity firms TPG Capital and Silver Lake.
RadioShack added to gains, advancing 1.30%, after the company said it ended a mobile phone partnership with Target, as the two companies could not agree on a new deal that would be profitable for both companies.
Elsewhere, Facebook climbed 0.81% ahead of a highly anticipated news event at its headquarters.
Among earnings, Lennar tumbled 1.12% even as it posted results that topped expectations and reported a seventh-straight jump in new home orders.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 declined 0.74%, France’s CAC 40 dropped 0.31%, Germany's DAX tumbled 0.94%, while Britain's FTSE 100 dipped 0.01%.
During the Asian trading session, Hong Kong's Hang Seng Index slipped 0.14%, while Japan’s Nikkei 225 Index climbed 0.72%.
Also Tuesday, a report showed that producer prices in the U.S. fell 0.2% last month, compared to expectations for a 0.1% decline.