* April consumer spending in biggest increase in four months
* Consumer confidence index falls in May
* Amazon briefly crosses $1,000 mark
* Dow down 0.23 pct, S&P 500 down 0.10 pct, Nasdaq down 0.12
(Update to mid-afternoon, changes byline)
By Chuck Mikolajczak
May 30 U.S. stocks edged lower on Tuesday as
weakness in the energy and financial sectors outweighed gains in
Oil prices declined, keeping U.S. crude below the $50
a barrel mark, on concerns output cuts by the world's big
exporters may not be sufficient to lessen a global glut that has
depressed the market for almost three years.
The energy sector's 0.81-percent fall made it the
worst performer among the major S&P 500 sectors. Exxon
was down 0.4 percent.
Financial stocks, down 0.8 percent, also supplied some
downward pressure. JPMorgan fell 1.5 percent and Bank of
America lost 1.1 percent as the two biggest drags on the
U.S. consumer spending recorded its biggest increase in four
months in April and monthly inflation rebounded, pointing to
firming domestic demand that could allow the Federal Reserve to
raise interest rates next month.
"There was nothing so significant in the macro data today
that was going to cause anyone to really go anywhere, so we are
just churning," said Ken Polcari, Director of the NYSE floor
division at O’Neil Securities in New York.
"And it’s all well and good until you get some sort of
catalyst, negative or positive, that causes everyone to run for
the door at the same time, trying to get in or get out."
Dallas Fed head Robert Kaplan told CNBC that while he was
concerned about the recent economic data, he expected two more
rate hikes in 2017.
Fed Governor Lael Brainard said a hike is probably coming
soon, though the central bank may want to delay if inflation
The Dow Jones Industrial Average fell 48.18 points,
or 0.23 percent, to 21,032.1, the S&P 500 lost 2.3
points, or 0.10 percent, to 2,413.52 and the Nasdaq Composite
dropped 7.68 points, or 0.12 percent, to 6,202.51.
The technology sector rose 0.27 percent, boosted
by gains in Apple and Microsoft, both up 0.3
Amazon was up 0.3 percent at $998.34, after briefly
crossing the $1,000 mark. Alphabet's Class A shares
were close behind after hitting a record of $997.62.
CardConnect's shares jumped 10.4 percent to $15.08
after First Data agreed to buy the payment processor for
$750 million. First Data was up 1.1 percent.
Declining issues outnumbered advancing ones on the NYSE by a
1.48-to-1 ratio; on Nasdaq, a 1.88-to-1 ratio favored decliners.
The S&P 500 posted 28 new 52-week highs and 11 new lows; the
Nasdaq Composite recorded 82 new highs and 70 new lows.
(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)