Investing.com - U.S. stocks opened lower on Tuesday, ahead of the release of U.S. manufacturing activity data later in the day, while investors were also hoping for new policy decisions following the European Central Bank’s meeting on Thursday.
During early U.S. trade, the Dow Jones Industrial Average fell 0.21%, the S&P 500 index edged down 0.12%, while the Nasdaq Composite index slipped 0.19%.
Markets were eyeing U.S. data to be published later in the day, after Federal Reserve Chairman Ben Bernanke said Friday that the central bank would act as needed to strengthen the U.S. economic recovery, but he stopped short of indicating that a fresh round of stimulus is imminent.
Meanwhile, sentiment remained mildly supported after ECB President Mario Draghi indicated on Monday that he would be comfortable buying bonds with maturities of up to about three years, saying that it would not constitute state financing.
At its policy meeting on Thursday, the ECB is expected to announce the details of a long awaited debt-buying program designed to help ease funding pressures for indebted euro zone countries.
Financial stocks were broadly higher, led by Bank of America, up 0.75%, and followed by Goldman Sachs, whose shares climbed 0.68%, while Citigroup added 0.27%.
Morgan Stanley also gained ground, as shares surged 2.20% after it and Goldman Sachs were upgraded by CLSA to “buy” from “outperform”.
In the auto sector, Ford Motor jumped 1.75% after reporting that its U.S. sales rose 13% in August.
Among earnings, Campbell Soup rallied 0.88% after the canned-soup maker posted a profit that topped estimates and boosted its outlook.
Smithfield Foods also advanced 0.41%, although the pork producer missed earnings and revenue expectations.
Elsewhere, Valeant, Canada’s largest publicly traded drugmaker, saw its U.S.-traded stocks skyrocket 14.98% after saying on Monday that it will pay USD44 in cash for each share of Scottsdale, Arizona-based Medicis, which is 39% more than the stock’s August 31 closing price.
The transaction, which will expand a lineup of wrinkle treatments and skin-care products, is set to close in the first half of 2013.
On the downside, Google lost 0.67% amid reports an Internet company that filed a European Union antitrust complaint against the tech giant said it should tell users when it inserts its own products into search results as part of any settlement with antitrust regulators.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 dropped 0.55%, France’s CAC 40 tumbled 0.95%, Germany's DAX retreated 0.77%, while Britain's FTSE 100 plunged 1.10%.
During the Asian trading session, Hong Kong's Hang Seng Index slumped 0.66%, while Japan’s Nikkei 225 Index dropped 0.1%.
Later in the day, the Institute for Supply Management was to release a report on U.S. manufacturing activity.
During early U.S. trade, the Dow Jones Industrial Average fell 0.21%, the S&P 500 index edged down 0.12%, while the Nasdaq Composite index slipped 0.19%.
Markets were eyeing U.S. data to be published later in the day, after Federal Reserve Chairman Ben Bernanke said Friday that the central bank would act as needed to strengthen the U.S. economic recovery, but he stopped short of indicating that a fresh round of stimulus is imminent.
Meanwhile, sentiment remained mildly supported after ECB President Mario Draghi indicated on Monday that he would be comfortable buying bonds with maturities of up to about three years, saying that it would not constitute state financing.
At its policy meeting on Thursday, the ECB is expected to announce the details of a long awaited debt-buying program designed to help ease funding pressures for indebted euro zone countries.
Financial stocks were broadly higher, led by Bank of America, up 0.75%, and followed by Goldman Sachs, whose shares climbed 0.68%, while Citigroup added 0.27%.
Morgan Stanley also gained ground, as shares surged 2.20% after it and Goldman Sachs were upgraded by CLSA to “buy” from “outperform”.
In the auto sector, Ford Motor jumped 1.75% after reporting that its U.S. sales rose 13% in August.
Among earnings, Campbell Soup rallied 0.88% after the canned-soup maker posted a profit that topped estimates and boosted its outlook.
Smithfield Foods also advanced 0.41%, although the pork producer missed earnings and revenue expectations.
Elsewhere, Valeant, Canada’s largest publicly traded drugmaker, saw its U.S.-traded stocks skyrocket 14.98% after saying on Monday that it will pay USD44 in cash for each share of Scottsdale, Arizona-based Medicis, which is 39% more than the stock’s August 31 closing price.
The transaction, which will expand a lineup of wrinkle treatments and skin-care products, is set to close in the first half of 2013.
On the downside, Google lost 0.67% amid reports an Internet company that filed a European Union antitrust complaint against the tech giant said it should tell users when it inserts its own products into search results as part of any settlement with antitrust regulators.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 dropped 0.55%, France’s CAC 40 tumbled 0.95%, Germany's DAX retreated 0.77%, while Britain's FTSE 100 plunged 1.10%.
During the Asian trading session, Hong Kong's Hang Seng Index slumped 0.66%, while Japan’s Nikkei 225 Index dropped 0.1%.
Later in the day, the Institute for Supply Management was to release a report on U.S. manufacturing activity.