U.S. stocks retreated after an industry report showed growth in service industries slowed in April, trailing economists’ estimates.
The Standard & Poor’s 500 Index lost 0.3 percent to 1,398.24 at 10:02 a.m. in New York.
The Institute for Supply Management’s index of non- manufacturing industries, which account for almost 90 percent of the U.S. economy, decreased to 53.5 in April from 56 a month earlier. Economists had predicted a reading of 55.3, according to the median estimate in a survey.
To contact the editor responsible for this story: Michael P. Regan at email@example.com