NEW YORK, Oct 7 (Reuters) - U.S. stocks were lower on Tuesday, with cyclical sectors leading the day’s decline following weak data out of Germany that adding to growing concerns over the pace of global economic growth.
The day’s losses were broad, but the decline was concentrated in the sectors that are most closely tied to the pace of economic expansion.
The S&P industrial sector fell 0.9 percent while materials were off 0.8 percent and information technology slid 0.6 percent. Among specific stocks, Boeing Co lost 1.2 percent to $124.71 and Caterpillar Inc was down 1.4 percent to $96.66.
One of the day’s strongest sectors was utilities, up 0.4 percent. The group is considered a defensive play.
German industrial output for August slid 4 percent, the biggest fall in 5-1/2 years, a day after a report showed industrial orders had their biggest monthly drop since 2009. The news came as the International Monetary Fund cut its global economic growth outlook for the third time this year.
“The number was very weak, which makes for a tough backdrop. I don’t think this is a trend of something that will get horrible, but it is weak and current valuations demand that data be better than weak,” said Hayes Miller, who oversees about $57 billion as the Boston-based head of asset allocation in North America at Baring Asset Management.
With the day’s decline the S&P 500 fell back under its 100-day moving average, a sign of weakening near-term momentum.
In company news, SodaStream plunged 20.6 percent to $21.92 after it forecast third-quarter revenue that was below expectations.
The Dow Jones industrial average was falling 108.21 points, or 0.64 percent, to 16,883.7, the S&P 500 was losing 9.37 points, or 0.48 percent, to 1,955.45 and the Nasdaq Composite was dropping 21.90 points, or 0.49 percent, to 4,432.90.
Declining issues were outnumbering advancing ones on the NYSE by 1,789 to 1,143, for a 1.57-to-1 ratio on the downside; on the Nasdaq, 1,744 issues were falling and 871 advancing for a 2.00-to-1 ratio favoring decliners.
The benchmark S&P 500 index was posting six new 52-week highs and eight new lows; the Nasdaq Composite was recording 10 new highs and 139 new lows. (Editing by Meredith Mazzilli and Chris Reese)