NEW YORK, July 30 (Xinhua) - U.S. stocks opened lower on Tuesday, amid slightly rising personal income and outlays last month, which indicate slowing U.S. economic growth.
File photo: VCG
Shortly after the opening bell, the Dow Jones Industrial Average dropped 142.99 points, or 0.53 percent, to 27,078.36. The S&P 500 declined 19.33 points, or 0.64 percent, to 3,001.64. The Nasdaq Composite Index decreased 62.24 points, or 0.75 percent, to 8,231.09.
Seven of the 11 primary S&P 500 sectors traded lower around market opening, with the financials sector down nearly 0.8 percent, leading the losers.
Shares of Beyond Meat plunged over 14.4 percent, after the U.S. producer of plant-based meat substitutes reported worse-than-expected profit for the second quarter. Yet its quarterly revenue came above market estimates. The company also raised its outlook for the full-year revenue.
On the economic front, personal income increased 0.4 percent to 83.6 billion U.S. dollars in June, the Bureau of Economic Analysis reported on Tuesday.
More specifically, personal consumption expenditures (PCE), or consumer spending, rose 0.3 percent to 41 billion dollars. Consumer spending takes up more than two thirds of U.S. economic activity.
The PCE reading came as a result of increases in spending for nondurable goods and spending for services, which was partially offset by a decline in spending for durable goods.