Singapore Markets closed

US stocks mixed in opening trade

US stocks opened mixed Monday after a disappointing durable goods report raised fresh concerns about the strength of the economy.

Five minutes after the markets opened, the Dow Jones Industrial Average was down 21.14 points (0.14 percent) at 14,989.37.

The broad-market Standard & Poor's 500 index slipped 0.88 (0.05 percent) to 1,662.62, while the tech-rich Nasdaq Composite edged up 0.32 (0.01 percent) to 3,658.12.

Stocks were under modest pressure after the Commerce Department reported new orders for durable manufactured goods plunged 7.3 percent in July, much sharper than the 5.0 percent drop expected, Charles Schwab & Co. said in a market note.

"Traders continue to grapple with whether the US economy is strong enough to facilitate tapering of asset purchases by the Federal Reserve, which is set to meet in September," it said.

The markets closed Friday with solid gains, despite a poor report on new-home sales, as investors mulled the data's implications on a potential Fed wind-down of stimulus.

The Dow added 0.3 percent, the S&P 500 put on 0.4 percent and the Nasdaq gained 0.5 percent.