US stocks decline on soft data

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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