Investing.com - U.S. stocks opened lower on Friday, after positive U.S. economic reports as U.S. budget concerns and ongoing uncertainty over the future of the Federal Reserve's stimulus program weighed on market sentiment.
During early U.S. trade, the Dow Jones Industrial Average slid 0.42%, the S&P 500 index declined 0.41%, while the Nasdaq Composite index retreated 0.46%.
Official data showed that U.S. personal spending rose 0.3% in August, in line with expectations, after an upwardly revised 0.2% increase the previous month.
Data also showed that personal income in the U.S. rose 0.4% last month, as expected, after an upwardly revised 0.2% gain in July.
A separate report showed that core personal consumption expenditures, excluding food and energy, rose 0.2% in August, more than the expected 0.1% gain, after a 0.1% increase in July.
The reports came amid ongoing uncertainty over whether the Fed will soon begin taperints bond-buying program. Three top Fed officials said on Thursday the central bank had confused markets over its policy outlook.
Separately, U.S. budget concerns persisted after Republican leaders in the U.S. House of Representatives refused on Thursday to give in to President Barack Obama's demand for straightforward bills to run the government beyond September 30 and to increase borrowing authority to avoid a default.
In the tech sector, Apple retreated 0.82% following reports the company's CEO Tim Cook and investor Carl Icahn are scheduled to meet in New York City next Monday to discuss the company's prospects.
In August, Icahn expressed interest in Apple's massive share buyback in a Tweet before adding that he had purchased "quite a bit" of Apple stock.
Adding to losses, Intel tumbled 1.23% after sayong it is now seeking partnerships to jumpstart its planned Web-based television service.
Elsewhere, J.C. Penney dove 9.69% after saying on Thursday that it is seeking to raise as much as USD1 billion in new equity to build up cash reserves ahead of the holiday season.
In earnings news, BlackBerry posted a quarterly loss of nearly USD1 billion, as previously warned, which included a writedown for unsold Z10 smartphones, the company's latest device. Shares still rallied 1.64% despite the news.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slipped 0.26%, France’s CAC 40 shed 0.25%, Germany's DAX declined 0.31%, while Britain's FTSE 100 tumbled 0.98%.
During the Asian trading session, Hong Kong's Hang Seng Index gained 0.35%, while Japan’s Nikkei 225 Index fell 0.26%.
Later in the day, the U.S. was to release revised data on consumer sentiment and inflation expectations from the University of Michigan.
During early U.S. trade, the Dow Jones Industrial Average slid 0.42%, the S&P 500 index declined 0.41%, while the Nasdaq Composite index retreated 0.46%.
Official data showed that U.S. personal spending rose 0.3% in August, in line with expectations, after an upwardly revised 0.2% increase the previous month.
Data also showed that personal income in the U.S. rose 0.4% last month, as expected, after an upwardly revised 0.2% gain in July.
A separate report showed that core personal consumption expenditures, excluding food and energy, rose 0.2% in August, more than the expected 0.1% gain, after a 0.1% increase in July.
The reports came amid ongoing uncertainty over whether the Fed will soon begin taperints bond-buying program. Three top Fed officials said on Thursday the central bank had confused markets over its policy outlook.
Separately, U.S. budget concerns persisted after Republican leaders in the U.S. House of Representatives refused on Thursday to give in to President Barack Obama's demand for straightforward bills to run the government beyond September 30 and to increase borrowing authority to avoid a default.
In the tech sector, Apple retreated 0.82% following reports the company's CEO Tim Cook and investor Carl Icahn are scheduled to meet in New York City next Monday to discuss the company's prospects.
In August, Icahn expressed interest in Apple's massive share buyback in a Tweet before adding that he had purchased "quite a bit" of Apple stock.
Adding to losses, Intel tumbled 1.23% after sayong it is now seeking partnerships to jumpstart its planned Web-based television service.
Elsewhere, J.C. Penney dove 9.69% after saying on Thursday that it is seeking to raise as much as USD1 billion in new equity to build up cash reserves ahead of the holiday season.
In earnings news, BlackBerry posted a quarterly loss of nearly USD1 billion, as previously warned, which included a writedown for unsold Z10 smartphones, the company's latest device. Shares still rallied 1.64% despite the news.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slipped 0.26%, France’s CAC 40 shed 0.25%, Germany's DAX declined 0.31%, while Britain's FTSE 100 tumbled 0.98%.
During the Asian trading session, Hong Kong's Hang Seng Index gained 0.35%, while Japan’s Nikkei 225 Index fell 0.26%.
Later in the day, the U.S. was to release revised data on consumer sentiment and inflation expectations from the University of Michigan.