Aug 1 (Reuters) – The New York Stock Exchange opened lower on Monday after disappointing data from China and Europe and as investors awaited releases of data on U.S. manufacturing activity.
About fifteen minutes after the opening, the Dow Jones index lost 88.24 points, or 0.27% to 32,756.89 points and the wider Standard & Poor’s 500 fell 0.33% to 4,116.84 points.
The Nasdaq Composite lost 0.23%, or 28.424 points, to 12,362.264
The S&P 500 and Nasdaq posted their biggest monthly percentage gains since 2020 in July, buoyed by corporate earnings and hopes that the Federal Reserve’s interest rate hike will be less than expected.
But this optimism faded on Monday, the day’s indicators reinforcing concerns about the global economy, whether it is the contraction of the PMI manufacturing index in the euro zone, the slowdown in activity in the industrial sector in China or lower retail sales in Germany.
Investors are waiting for the US manufacturing ISM at 2:00 p.m. GMT, which the consensus gives at 52.0.
“Manufacturing is only a small part of the US economy, but that’s often an indicator of what you see next in services, which is a bigger part of the overall economy,” he said. said Randy Frederick, director of trading and derivatives at Charles Schwab.
In corporate news, Activision Blizzard, Devon Energy and Simon Property Group are due to report quarterly results on Monday.
On the stock side, Boeing rose 4.77% after two sources told Reuters the US regulator on Friday approved the planemaker’s plan to resume deliveries of 787 Dreamliners.
Alibaba, which said on Monday it would strive to maintain its listing on the New York Stock Exchange alongside that of Hong Kong, fell 0.35% about ten minutes after the opening.
Payment solutions provider Global Payments has announced it is buying EVO Payments for nearly $4 billion, including debt. The EVO Paymens stock jumped 21.20%.