U.S. stocks extended losses as data showed business activity cooled more than projected in June and an index of consumer sentiment decreased.
The Standard & Poor’s 500 Index dropped 0.7 percent to 1,602.67 at 10:01 a.m. in New York.
The MNI Chicago Report’s business barometer dropped to 51.6 this month from 58.7 in May, which was the highest in more than a year. A reading of 50 is the dividing line between expansion and contraction. The median forecast of 55 economists surveyed by Bloomberg was 55.
The Thomson Reuters/University of Michigan final index of U.S. consumer sentiment decreased to 84.1 in June from 84.5 the prior month. The median forecast in a Bloomberg survey called for 83 in the gauge after a preliminary reading of 82.7.