Investing.com - U.S. stocks opened lower on Tuesday, after the release of disappointing U.S. manufacturing activity data, although hopes for an imminent U.S. budget deal milldly supported market sentiment.
During early U.S. trade, the Dow Jones Industrial Average dropped 0.46%, the S&P 500 index slid 0.49%, while the Nasdaq Composite index fell 0.18%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index fell to 1.52 in October, the lowest level in five months, from a reading of 6.29 in September. Analysts had expected the index to rise to 7.0 this month.
U.S. Senate Majority Leader Harry Reid said Monday that “tremendous progress” had been made towards a deal, fuelling hopes that a compromise can be reached.
If an agreement to raise the federal borrowing limit is not struck ahead of Thursday’s deadline, the U.S. will face an unprecedented sovereign debt default.
However, any potential deal will still have to be approved by the House of Representatives, where Speaker John Boehner would have to decide whether to allow a vote or demand federal spending cuts.
Apple rose 0.33% after the tech giant announced that Burberry Chief Executive Officer Angela Ahrendts was to take up its new post of senior vice-president of retail and online stores, reporting to CEO Tim Cook.
In the same sector, BlackBerry declined 0.61% as it was reportedly taking out full-page ads in newspapers worldwide in a bid to convince carriers, consumers and partners that they shouldn’t abandon the struggling smartphone maker.
In earnings news, Teradata Corp. dove 15.96% after the computer-data storage company reported third-quarter profit that missed analyst projections.
Citigroup reported a dip in adjusted profit of USD1.02 a share, about four cents lower than the same period in 2012, sending shares down 1.35%.
Elsewhere, Coca-Cola slipped 0.11% even as the beverage maker posted higher quarterly earnings, thanks to robust sales of its drinks.
On the upside, Johnson & Johnson rallied 1.72% after the health care company topped quarterly expectations and lifted its full-year profit forecast.
Yahoo and Intel were scheduled to report third quarter earnings after the closing bell.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.82%, France’s CAC 40 gained 0.62%, Germany's DAX advanced 0.77%, while Britain's FTSE 100 rose 0.62%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.51%, while Japan’s Nikkei 225 Index added 0.26%.
During early U.S. trade, the Dow Jones Industrial Average dropped 0.46%, the S&P 500 index slid 0.49%, while the Nasdaq Composite index fell 0.18%.
In a report, the Federal Reserve Bank of New York said that its general business conditions index fell to 1.52 in October, the lowest level in five months, from a reading of 6.29 in September. Analysts had expected the index to rise to 7.0 this month.
U.S. Senate Majority Leader Harry Reid said Monday that “tremendous progress” had been made towards a deal, fuelling hopes that a compromise can be reached.
If an agreement to raise the federal borrowing limit is not struck ahead of Thursday’s deadline, the U.S. will face an unprecedented sovereign debt default.
However, any potential deal will still have to be approved by the House of Representatives, where Speaker John Boehner would have to decide whether to allow a vote or demand federal spending cuts.
Apple rose 0.33% after the tech giant announced that Burberry Chief Executive Officer Angela Ahrendts was to take up its new post of senior vice-president of retail and online stores, reporting to CEO Tim Cook.
In the same sector, BlackBerry declined 0.61% as it was reportedly taking out full-page ads in newspapers worldwide in a bid to convince carriers, consumers and partners that they shouldn’t abandon the struggling smartphone maker.
In earnings news, Teradata Corp. dove 15.96% after the computer-data storage company reported third-quarter profit that missed analyst projections.
Citigroup reported a dip in adjusted profit of USD1.02 a share, about four cents lower than the same period in 2012, sending shares down 1.35%.
Elsewhere, Coca-Cola slipped 0.11% even as the beverage maker posted higher quarterly earnings, thanks to robust sales of its drinks.
On the upside, Johnson & Johnson rallied 1.72% after the health care company topped quarterly expectations and lifted its full-year profit forecast.
Yahoo and Intel were scheduled to report third quarter earnings after the closing bell.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.82%, France’s CAC 40 gained 0.62%, Germany's DAX advanced 0.77%, while Britain's FTSE 100 rose 0.62%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.51%, while Japan’s Nikkei 225 Index added 0.26%.