US stocks trade lower amid earnings, data

New York May 2 (IANS) US stocks traded lower on Tuesday as investors digested a slew of corporate earnings reports as well as major economic data.

At midday the Dow Jones Industrial Average plunged 254.26 points or 1.05 per cent to 23 908.89. The S&P 500 decreased 13.92 points or 0.53 per cent to 2 634.13 Xinhua news agency reported.

The Nasdaq Composite Index was down 8.22 points or 0.12 per cent to 7 058.05.

Investors will also keep a close eye on Apple s earnings report which will be released on Tuesday after the closing bell.

On the economic front the seasonally adjusted IHS Markit final US Manufacturing Purchasing Managers Index (PMI) registered 56.5 in April up from 55.6 in March and indicated the strongest manufacturing growth in over three-and-a-half years.

Investors also looked to the Federal Reserve as the central bank began a two-day monetary policy meeting. Market participants are not expecting any interest rates hikes but they will be on the lookout for clues about the central bank s views on inflation and the economy.

--IANS
pgh/