US stocks decline on soft data

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New York, June 1 (IANS) US stocks declined on Wednesday, the last trading day in May, as the downbeat housing data from the country weighed on the market.

The Dow Jones Industrial Average was down 13.58 points, or 0.06 per cent, to 21,015.89, Xinhua news agency reported.

The S&P 500 erased 5.32 points, or 0.22 per cent, to 2,407.59. The Nasdaq Composite Index lost 18.06 points, or 0.29 per cent, to 6,185.13.

US pending home sales in April slumped for the second consecutive month and were down year-on-year nationally and in all four major regions, according to the National Association of Realtors on Wednesday.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.3 per cent to 109.8 in April from a downwardly revised 111.3 in March. The index is now 3.3 per cent below a year ago, which is the first year-on-year decline since last December.

In corporate news, US retailer Michael Kors announced plans on Wednesday to close 100 to 125 of its full-price locations over the next two years, amid the trend that an increasing number of consumers choose to shop online.

Shares of its stock decline more than nine percent around mid-session on Wednesday after the announcement.

The tech-heavy Nasdaq has added 2.6 per cent for the month, on track for its consecutive seventh monthly gains, its longest winning streak since 2013.

Meanwhile, investors were awaiting the closely-watched Federal Reserve’s Beige book due out later on Wednesday.

–IANS

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