Factory orders were up 0.7% in April, smaller than the expectation of a 0.9% rise. Also, March’s reading was revised significantly lower, to -1.9% from an initially reported drop of 0.9%.
The ISM Non-Manufacturing Index for May rose to 44.0 from 43.7 in April, smaller than the 45.0 expected by economists. The separation point between contraction and expansion is a reading of 50. The index for new orders unexpectedly fell to 44.4 from 47.0. Employment improved to 39.0 from 37.0, while prices paid moved to 46.9 from 40.0. More from Bloomberg...
The Dow Jones Industrial Average fell 65 points (0.7%) to close at 8,676, the S&P 500 Index lost 13 points (1.4%) to 932, and the Nasdaq Composite declined 11 points (0.6%) to 1,826. Crude oil fell $2.43 to $66.12 per barrel, and gold declined $19.40 to $962.45 per ounce.
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