Markets Ignore Positive Vehicles, Factory Data to Slide From Record Highs
By market close, the Dow was down 0.13% to 16,722.34, the S&P 500 slid 0.04% to 1,924.24, and the Nasdaq dropped 0.07% to 4,234.08. The three indices pared losses achieved earlier in the day to end only moderately lower.
May proved a positive month for U.S. automakers, none more of a surprise than General Motors
U.S. factory orders, expected to slow to 0.5% growth, climbed 0.7% in April. However, that growth was in comparison to a strong 1.5% increase in March and 1.7% gain in February.
Pulling the Nasdaq lower, heavyweight Google
Some of the biggest losers included Quiksilver
Meanwhile, Krispy Kreme tumbled 14.8% after management slashed full-year guidance to 69 cents to 75 cents a share, gapping from analysts' estimates of 78 cents.
European markets closed their session lower while the euro strengthened on the latest consumer price index data which slowed to 0.5% in May, sparking concerns of deflation. The deceleration also gives the European Central Bank room to engage in monetary easing and to edge inflation higher to a target 2% when it meets on Thursday.
-- Written by Keris Alison Lahiff in New York.
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