US stocks opened lower overnight as economic data and renewed Europe debt worries rattled investor hopes for global recovery.
The Dow Jones Industrial Average fell 38.47 points (0.37 per cent) to 10,366.38 in early trading, a day after gaining more than two per cent.
The tech-rich Nasdaq index slipped 5.45 points (0.24 per cent) to 2300.43 and the S&P 500 index, a broad measure of the markets, shed 3.37 points (0.30 per cent) at 1111.86.
The mood on Wall Street was "cautious" as investors digested "weaker economic data and renewed sovereign debt concerns in Europe," Briefing.com analysts said in a note to clients.
US housing starts and building permits plunged in May, after the expiry of federal tax breaks, the Commerce Department said in a worse-than-expected report on the battered housing sector.
Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
The number of new housing construction projects slumped 10 per cent to 593,000, the lowest level this year, and permits fell 5.9 per cent to a one-year low of 574,000.
"The market will be inclined to read the disappointment as an issue of the housing market not being able to sustain itself without government stimulus," the Briefing.com analysts said.
The publication of stronger-than-expected industrial production data for May failed to break the gloom, analysts said.
The selling mode came after the major indices piled up solid gains yesterday as concerns eased about Europe's public finances.
The Dow rose 2.10 per cent, the Nasdaq climbed 2.76 per cent and the S&P 500 added 2.35 per cent.
Stocks slide on weak jobs reportUS shares rebound on upbeat data
