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Stocks dip on weak factory data

Wednesday, September 23, 2015 - 01:07

Stocks ticked lower after both the U.S. and China reported lackluster manufacturing data. Jeanne Yurman reports.

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Stocks drifted lower amid weak factory data from the U.S. and China. Manufacturing growth was flat in the U.S. from August, and in China it shrank for the seventh month in a row. Oil prices also fell. BTIG chief technical strategist Katie Stockton says, stocks could fall back to the low level hit in August. SOUNDBITE: KATIE STOCKTON, CHIEF TECHNICAL STRATEGIST, BTIG (ENGLISH) SAYING: "I think, the downside follow-through on the back of yesterday's decline is somewhat bearish from a short-term perspective. I think, there is a risk of a retest." Carnival one of the day's top gainers among big stocks. Nomura upgraded the shares to "buy" from "neutral," citing the cruise operator's prospects for revenue growth. MetLife shares rising one day after the life insurer said, it'll boost its share buyback program to $1 billion. Carmax shares stalled. Oppenheimer downgraded the auto retailer to "perform" from "outperform," citing a softer trend in used car sales. In Europe, Volkswagen shares rebounded. But bank shares fell, and stocks in Germany and France closed little changed in slow trading.

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Stocks dip on weak factory data

Wednesday, September 23, 2015 - 01:07