US stocks move sideways after lackluster data
- S&P 500 was flat while Nasdaq Composite Index declined 0.2%
NEW YORK: Wall Street stocks moved indecisively early Tuesday, digesting downcast US retail sales data and mixed corporate earnings.
US retail sales showed no growth in December, according to delayed government data, missing analysts’ expectations and adding to worries about the economy.
The report could bolster the odds of additional Federal Reserve cuts, which investors should balance “with the possibility of an economic slowdown,” said CFRA Research’s Sam Stovall.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent to 50,305.63.
READ MORE: US stocks steady ahead of key economic data
The broad-based S&P 500 was flat at 6,964.15, while the tech-rich Nasdaq Composite Index declined 0.2 percent to 23,197.19.
Tuesday’s retail sales report will be followed in the coming days by employment and inflation data.
Among companies reporting results, Coca-Cola dropped 0.8 percent, while Marriott International surged 8.6 percent.
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