NEW YORK, April 29 — Wall Street stocks declined early today following mixed US data that highlighted strong consumer spending and elevated inflation, while Amazon sank on disappointing results.
The Commerce Department reported personal consumption expenditures climbed 1.1 per cent, almost twice what analysts expected, while incomes saw a forecast-beating 0.5 per cent increase, both signs of continued resilience in the economy.
But prices rose 0.9 per cent, a much bigger increase than seen in March.
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.5 per cent at 33,764.57.
The broad-based S&P 500 dropped 0.9 per cent to 4,247.37, while the tech-rich Nasdaq Composite Index shed 0.8 per cent to 12,773.07.
The losses came after major indices rose more than 1.5 per cent Thursday amid a deluge of corporate results.
Amazon plunged 12.6 per cent after reporting its first quarterly loss since 2015 as sales growth slowed while the company faces challenges with rising costs.
Dow member Intel was also under pressure, shedding 5.9 per cent following a disappointing forecast. — AFP
