Shares of carmakers fall on weak sales; new Nasdaq record

Posted May 03, 2017

Wall Street opened higher on Monday after U.S. Congress negotiators averted a government shutdown later this week by hammering out a federal funding deal late on Sunday.

At the close of trading in NY, the Dow Jones Industrial Average fell 27.05 points, ot 0.1%, to 20,913.46. The S&P 500 (.SPX) was down 1.45 points, or 0.06 percent, at 2,386.88 and the Nasdaq Composite (.IXIC) was down 6.52 points, or 0.11 percent, at 6,085.09.

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The S&P 500 technology index .SPLRCT , the best performing major group this year, climbed 0.9 percent, with Microsoft MSFT.O and Facebook FB.O also hitting all-time highs.

Tribune Media TRCO.N jumped 5.2 percent to $38.40 after Reuters reported Twenty-First Century Fox FOXA.O is in talks with Blackstone BX.N to buy the television station operator.

However, Wall Street's major indexes ended with gains for April, helped by strong quarterly earnings.

Shares of Caterpillar were up 0.62 percent at $102.89 in premarket reading.

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The latest data on the United States economy were tepid. U.S. factory activity slowed in April, consumer spending was unchanged in March and a key inflation measure recorded its first monthly drop since 2001.

Other data showed the ISM manufacturing activity index fell to its lowest level since December, while consumer spending was unchanged for a second straight month in March and a key inflation measure recorded its first monthly drop since 2001. The 30-year bond last fell 1-1/32 in price to yield 3.0038 percent.

The reports arrived a day before Fed policy makers gather for a two-day meeting. The iPhone maker is due to report results after the close of market. It's expected to show United States employers added 193,000 new jobs in April, while the unemployment rate inched higher to 4.6 percent, from 4.5 percent.

Advanced Micro Devices, which reports quarterly results after the market closes, was up almost 1 percent at $13.42.

Strong corporate earnings for the first quarter have largely outweighed concerns about patches of weak economic data, including a report last week that showed the USA economy grew at its slowest pace in three years in the first quarter.

Financials rose 0.6% despite volatility caused by President Donald Trump's comments that he was actively considering breaking up big banks.

"That has kind of got people gravitating back to equities and gravitating to the equities that are doing well". "So we're going to look at that".