U.S. stocks were mixed in early trading Friday as investors looked over a batch of new reports on the economy ahead of the Labor Day holiday.
KEEPING SCORE: The S&P 500 was little changed at 1,996 as of 9:56 a.m. Eastern. The Dow Jones industrial average fell 15 points, or 0.1 percent, to 17,063. The Nasdaq composite rose three points, or 0.1 percent, to 4,560.
CONSUMERS PULL BACK: The Commerce Department reported that consumer spending edged down 0.1 percent in July, the first monthly drop in spending since January. A drop in auto sales accounted for most of the decline. At the same time, income growth slowed to 0.2 percent in July, the weakest showing in seven months.
SECTOR VIEW: Eight of the 10 sectors in the S&P 500 index rose, led by technology stocks. Consumer staples fell the most.
CHIPPER CHIP MAKER: Avago Technologies, which makes semiconductors used in smartphones, computer servers and other devices, jumped 10 percent after reporting earnings that beat analysts’ estimates. The stock rose $7.55 to $83.91.
GLOBAL MARKETS: European and Asian markets were mixed after news that Japan and Europe were struggling. In Europe, Germany’s DAX slipped 0.2 percent, while France’s CAC 40 and Britain’s FTSE 100 were flat. In Asia, the Nikkei 225, the benchmark for the Tokyo Stock Exchange, slipped 0.2 percent, while South Korea’s Kospi fell 0.4 percent and Hong Kong’s Hang Seng was little changed.
BONDS AND COMMODITIES: Bond prices were little changed. The yield on the 10-year Treasury note held at 2.34 percent. Benchmark U.S. crude rose 76 cents to $95.31 a barrel in New York. Gold slipped $3.20 to $1,287.20 an ounce.
AP Business Writer Kelvin Chan in Hong Kong contributed to this report.