WALL Street’s major indexes gave up early gains to end yesterday’s session little changed as some investors stood on the sidelines waiting for the next round of economic data at the tail end of earnings season.
US retailers faced a tough April as households cut back on purchases of big-ticket items and import prices fell for a 10th straight month in April and business inventories barely rose in March.
The data suggested to some investors that the US economy was struggling to rebound strongly enough for the Fed to raise interest rates before September.
“People seem to be in watch mode as they get an understanding of what’s next,” said Andrew Frankel, co-president of Stuart Frankel & Co.
The Dow Jones industrial average fell 7.574 points, or 0.04 per cent, to 18,060.49, the S&P 500 lost 0.64 points, or 0.03 per cent, to 2,098.47 and the Nasdaq added 5.50 points, or 0.11 per cent, to 4,981.69.