New York--Wall Street stocks fell in early trade Tuesday following a decline in US durable goods orders and news of Charter Communication's $78.7 billion deal for Time Warner Cable.
About 25 minutes into trade, the Dow Jones Industrial Average stood at 18,101.56, down 130.46 points (0.72 percent).
The broad-based S&P 500 fell 13.57 (0.64 percent) to 2,112.49, while the tech-rich Nasdaq Composite Index shed 40.21 (0.79 percent) to 5,049.15.
Orders for US durable goods fell 0.5 percent last month due mainly to a drop in orders in the volatile transport sector. But orders for machinery and other non-defense-related capital good were strong, rising 1.0 percent in the month.
Other economic releases this week include the Conference Board's report on May consumer confidence and the second estimate of first-quarter economic growth.
Time Warner Cable jumped 3.9 percent following Charter's announcement to create a cable giant. The move comes after Comcast in April withdrew a bid for Time Warner Cable in the wake of opposition from antitrust regulators. Charter dipped 0.4 percent.
Auto parts company AutoZone added 0.3 percent after it reported that net income for the quarter ending May 9 rose 8.4 percent $309.1 million.
First Solar fell 6.3 percent after RBC Capital Markets downgraded the stock, saying competitors have caught up with its low-cost modules.
Markets were closed Monday in observance of the Memorial Day holiday.
Bond prices rose. The yield on the 10-year US Treasury dropped to 2.20 percent from 2.21 percent Friday, while the 30-year fell to 2.95 percent from 2.99 percent. Bond prices and yields move inversely.
AFP
