Wall Street Sputters Despite Strong Auto Sales

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Published June 03, 2014

| FOXBusiness

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U.S. stocks stalled below record highs on Tuesday as traders shrugged off upbeat auto sales and factory data.

Today's Markets

The Dow Jones Industrial Average fell 21.3 points, or 0.13%, to 16722, the S&P 500 slipped 0.73 point, or 0.04%, to 1924 and the Nasdaq Composite slumped 3.1 points, or 0.07%, to 4234.

The Dow and broader S&P 500 continue logging new record highs, nearly every day, as stocks drift marginally higher. However, the move comes on tepid volume, with Monday's tally coming in as the second lowest of the year. That has caused some to question the conviction of the recent leg higher. 

Monthly sales figures from the major automakers took the spotlight on the day.

General Motors (GM) said its sales jumped 13% in May, Fiat's Chrysler reported a 17% increase in its monthly sales results, while Ford's (F) sales advanced 2.5%. 

Meanwhile, the Commerce Department said U.S. factory orders rose 0.7% in April, slightly beating estimates of a 0.5% increase.

Analysts also said they were revving up for the European Central Bank's meeting on Thursday, in which the central bank is widely expected to unleash new stimulus measures to boost inflation across the eurozone. The following day, the U.S. Labor Department is set to provide its monthly snapshot on the jobs market. 

On the corporate front, AT&T (T) upped its full-year sales growth guidance to 5% and reaffirmed a slew of key measures. The news sent shares of the blue-chip telecommunications company rising. 

Elsewhere, U.S. crude oil futures fell 11 cents, or 0.11%, to $102.36 a barrel. Wholesale New York Harbor gasoline dipped 0.57% to $3 a gallon. Gold rose $2.10, or 0.16%, to $1,246 a troy ounce. 

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http://www.foxbusiness.com/markets/2014/06/03/wall-street-sputters-despite-strong-auto-sales/