12:00 PM New York City, New York – With weak sentiment, S&P 500 index opened lower and struggled to rebound in the positive zone after a sell-off in Asia and in Europe. Crude oil price extended losses and two largest mining companies announced additional cuts in capital spending.
S&P 500 index opened lower and failed to cross positive line after two hours of trading and turned lower again after crude oil price remained weak.
Market sentiment was weak after a sell-off in Asia and in Europe and investors turned cautious after crude oil futures declined more and immediate month deliver price also dropped to a new seven-year low.
On Wall Street, Tollbooth Strategy Index slipped 56.68 or 0.5% to 10,952.11.
S&P 500 index slipped 12.11 or 0.6% to 2,065.18 and the Nasdaq Composite Index slid 14.34 or 0.3% to 5,086.67.
Crude oil in New York decreased 37 cents to $37.34 a barrel and gold added $4.02 to $1,075.36 an ounce.
) fell $1.08 to $752.50 after the automobile parts and accessories retailer said revenues in the first-quarter ending on November 21 jumped 5.6% from a year ago to $2.4 billion.
Same store sales in the quarter advanced 3.5%.
Net income in the quarter soared 8.3% to $258.1 million or $8.29 per diluted share compared to $238.3 million or $7.27 per share from the same quarter last year.
Toll Brothers Inc
) dropped 3.1% or $1.18 to $36.34 after the luxury residential home developer said revenues in the fourth-quarter ending in October rose 6.6% from a year ago to $4.17 billion.
Net income in the quarter surged 6.8% to $363 million or $1.97 per diluted share compared to $340 million or $1.84 per share from the same quarter last year.
European stock markets continued to slide on Tuesday as oil prices reached seven-year lows, while resource companies fell on concerns about demand from China.
Total production output in October jumped 1.7% from a year ago month and rose 0.1% from September.
Output in mining and quarrying soared 8.5% and Manufacturing output fell 0.1% and electricity output jumped 3.6% from a year ago month, Office of the National Statistics said.
The seasonally adjusted revised estimate of gross domestic product in the third-quarter increased 0.3% in the euro zone and 0.4% in the wider region of EU28. Compared to year ago period, gross domestic product jumped 1.6% in the euro zone and 1.9% in the wider region of EU28, the Statistical Office of the European Communities reported.
China''s exports fell 6.8% in November from a year earlier, China''s General Administration of Customs reported. The results indicate the fifth consecutive monthly decline due to weaker global demand.
With better-than-expected imports, China’s trade surplus narrowed down to $54.1 billion in November from $61.6 billion in October.
Oil and gas shares declined after the robust supply, decided on the recent OPEC meeting, sent oil prices near seven-year lows below $40 a barrel in New York and below $42 a barrel in London.
In London trading, FTSE 100 index dropped 72.72 or 1.2% to 6,150.94 and in Frankfurt the DAX index slumped 162.82 or 1.5% to 10,721.49.
In Paris, CAC 40 index declined 63.03 or 1.3% to 4,693.38.
Air France KLM SA
was little changed at €6.42 despite the news that the Paris attacks led to a €50 million drop in November revenues on the air traffic decline.