US shares were slightly lower on Friday as weak economic data pointed to a lack of momentum in the economy, a day after the S&P 500 closed at a record high. Industrial output slipped 0.3 percent, weighed down by a decline in production by mining companies and utilities. Economists had forecast a rise of 0.1 percent. US consumer sentiment also fell more than expected in May and was at the lowest level since October.
"I think April is shaping up to be a weak month for consumption but the economy is still growing," said Ilya Feygin, managing director at WallachBeth Capital in New York. "There is some concern about the first-quarter weakness spilling into the current quarter." Seven of the 10 major S&P 500 sectors were higher, with the utilities index leading the gainers with a 0.8 percent rise. Financials were the biggest losers with a 0.6 percent decline.
The three major indexes were on track to close up for the week for the first time in three weeks. At 12:42 am ET (1642 GMT), the Dow Jones industrial average was down 12.29 points, or 0.07 percent, at 18,239.95, the S&P 500 was down 2.13 points, or 0.1 percent, at 2,118.97 and the Nasdaq Composite was down 9.33 points, or 0.18 percent, at 5,041.46.
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