Suspected suicide bombing in Manchester weighs on sentiment
U.S. stocks on Tuesday struggled to add to early gains and push Wall Street's recent climb to a fourth straight session, as investor sentiment was subdued in the wake of a Monday night terrorist attack in the U.K.
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The S&P 500 index was slightly higher, up less than a point at 2,394 Consumer staples and health-care stocks were leading gains, with seven of the benchmark's 11 sectors in the green.
The Dow Jones Industrial Average clung to a slight 14 point, or 0.1%, rise at 20,907. Nike Inc. (NKE) and Cocal-Cola Company (KO) were leading the gains, up 1.6% and 0.6% respectively, while a 0.4% slide in shares of Goldman Sachs Group Inc. (GS), weighed on the blue-chip gauge.
The Nasdaq Composite Index , slipped negative territory in early morning trade, and was most recently down 4 points, or 0.1%, to 6,128.
Meanwhile, markets in Europe traded slightly higher on Tuesday after a cautious start following the suspected suicide bombing at an Ariana Grande concert (http://www.marketwatch.com/story/death-toll-rises-to-22-in-suspected-suicide-bombing-in-manchester-2017-05-23) in Manchester, England that left at least 22 people dead.
"Geopolitical trauma is disheartening and scary, but the reality is that companies continue to do business. PMI data from the eurozone at 6-month high suggests that their economy is gaining steam, all of which bodes well for global equities," said Karyn Cavanaugh, senior market strategist at Voya Financial.
On the economic data front, U.S. flash readings on purchasing managers indexes for services and manufacturing for May were mixed. Manufacturing PMI dipped to an 8-month low, while services PMI rose to a 4-month high.
Stock movers: Shares of Agilent Technologies Inc.(A) rose 4.3% after the maker of scientific equipment late Monday raised its earnings and revenue guidance for 2017.
AutoZone, Inc.(AZO) shares slid 8% after disappointing earnings results. Rival Advance Auto Parts, Inc. (AAP) also fell 6.2%.
U.S.-listed shares of Nokia Corp.(NOK) jumped 6.3% after the Finnish company and Apple Inc.(AAPL) settled long-running intellectual property disputes. Financial details of the deal weren't disclosed, but Nokia will receive an upfront cash payment from Apple (http://www.marketwatch.com/story/nokia-apple-end-disputes-enter-patent-license-2017-05-23), with additional revenue during the term of the agreement. Apple shares were little changed premarket.
Other markets: Oil prices slipped, coming off a one-month high reached on Monday amid hopes the Organization of the Petroleum Exporting Countries will extend production cuts into next year.
Read: Oil prices at a crucial crossroad: 'Death cross' or 'golden cross' (http://www.marketwatch.com/story/oil-prices-at-a-crucial-crossroad-death-cross-or-golden-cross-2017-05-23)
Gold prices also dropped and the dollar traded unchanged. The yield on the 10-year Treasury note fell 2 basis point to 2.24%.
Asian stocks closed mixed.
(END) Dow Jones Newswires
May 23, 2017 10:13 ET (14:13 GMT)