U.S. stocks open lower after UoM, PMI data; Dow Jones down 0.79%

Investing.com - U.S. stocks opened lower on Friday, after the release of overall positive U.S. economic reports added to expectations for the Federal Reserve to soon scale back its bond-buying program. During early U.S. trade, the Dow Jones Industrial Average dropped 0.79%, the S&P 500 index declined 0.61%, while the Nasdaq Composite index slumped 0.41%. In a revised report, the University of Michigan said that its consumer sentiment index rose to 84.1 in June, from a reading of 82.7 the previous month, beating expectations for a rise to 82.8. The data came after a report showed that the Chicago purchasing managers' index fell to 51.6 this month, from 58.7 in May, exceeding expectations for a decline to 56.0 but still remaining in expansion territory. In addition, a Fed official highlighted the central bank's upcoming September policy meeting as a possible time when it may need to consider paring back its quantitative easing program. Nike tumbled 2.26% after the company said late Thursday that orders from June to November, excluding the effects of exchange-rate changes, advanced 8%, below analysts' projections for a gain of 8.8%. Accenture added to losses, diving 12.91% after saying fiscal fourth-quarter revenue will be USD6.7 billion to USD7 billion, below the USD7.36 billion average estimate. Elsewhere, financial stocks were also broadly lower. JP Morgan dropped 0.90% and Bank of America tumbled 1.08%, while Citigroup retreated 0.83%. On the upside, Time Warner Cable rallied 1.40% following reports John Malone, chairman of Liberty Media, sounded out options for cable operator Charter Communications to acquire its larger rival. Across the Atlantic, European stock markets were lower. The EURO STOXX 50 dropped 0.97%, France's CAC 40 declined 0.95%, Germany's DAX retreated 0.93%, while Britain's FTSE 100 slid 0.44%. During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.78%, while Japan's Nikkei 225 Index surged 3.03%.
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