US Stocks Dip As Macron Seals French Presidency

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Wall Street stocks dipped early Monday following sluggish Chinese trade data and ahead of key US economic data and earnings from Disney later in the week.

Analysts said US markets were weighed down by Chinese data showing slower export growth in April than in the previous month, AFP reports.

US investors also took their cues from European markets, which fell as focus shifted from centrist Emmanuel Macron’s election victory in France Sunday, which was expected, to the challenges he will face in pushing through economic reforms.

Earnings this week include reports from Disney and 21st Century Fox, while the US government on Friday will release retail sales and consumer inflation data for April.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 20.985.48, down 0.1 percent.

The broad-based S&P 500 lost less than 0.1 percent to 2,398.31, while the tech-rich Nasdaq Composite Index dropped a hair to 6,098.89. The S&P 500 and Nasdaq each finished at records Friday.

Kate Spade & Co. jumped 8.2 percent after it reached a deal to be bought by Coach for $2.4 billion. Coach gained 7.7 percent.

Tyson Foods fell 4.3 percent after reporting a 21.4 percent drop in second-quarter earnings to $341 million.

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