NEW YORK (AP) - Stocks were slightly lower in morning trading Friday as investors reacted to two negative economic reports that focused on U.S. consumers.
NEW YORK (AP) — Stocks were slightly lower in morning trading Friday as investors reacted to two negative economic reports that focused on U.S. consumers.
KEEPING SCORE: The Dow Jones industrial average lost 27 points, or 0.2 percent, to 16,670 in the first hour of trading. The Standard & Poor's 500 index fell less than a point to 1,919 and the Nasdaq composite lost five points, or 0.2 percent, to 4,242.
NO SALE: Consumer spending unexpectedly fell 0.1 percent in April, according to the Commerce Department. The drop was the first in a year, but economists expect it to be temporary.
In a separate report, the University of Michigan's consumer sentiment index fell more than analysts were expecting. The index fell to 81.9 in May from 84.9 in April. Economists had expected 82.8.
MAY GOES AWAY: Friday is the last trading day of May, which has been a relatively strong month for markets. The S&P 500 is up 1.8 percent, which would be its best month since February. The Nasdaq is up 3.2 percent and the Dow is up 0.5 percent.
SOLAR ECLIPSE: Sunglasses retailer Pacific Sunwear dropped 55 cents, or 19 percent, to $2.38. The company warned investors that would report a two-cent loss this quarter versus the two-cent profit that analysts had expected.
SLOW LANE: Clothing chain Express sank $1.54, or 11 percent, to $12.08 after the company also cut its full-year forecast. Express also said it plans to close roughly 50 stores.