U.S. Stocks Extend Losses on Business Activity, Sentiment Data
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.