US STOCKS-Wall St opens lower on weak China data, oil prices

miércoles 1 de junio de 2016 09:55 GYT
 

* Oil prices retreat; China factory activity slows

* Nike drops after Morgan Stanley downgrade

* Michael Kors jumps on strong sales growth

* Indexes down: Dow 0.67 pct, S&P 0.56 pct, Nasdaq 0.44 pct (Updates to open)

By Tanya Agrawal

June 1 (Reuters) - U.S. stocks started the month in the red on Wednesday as falling oil prices and weak factory data from China reduced the chances of a rate hike this month, dragging on financial stocks.

JPMorgan, Bank of America and Citigroup were all down between 1.3-2.0 percent. The financial sector was down 0.96 percent and was the biggest drag on the S&P 500.

China's official factory activity gauge expanded only marginally in May, data showed, while a private survey showed conditions deteriorated for a fifteenth straight month.

"This data is a barometer, to many, of economic activity and growth," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. "Any hiccup, any speed bump in China will thwart upside activity."   Continuación...