U.S. stocks opened mixed on Monday, as investors awaited the release of upcoming U.S. manufacturing activity data, although a disappointing Chinese report published earlier in the day weighed.
U.S. stocks mixed as markets eye data
During early U.S. trade, the Dow Jones US rose 0.34%, the S&P 500 added 0.17%, while theNasdaq fell 0.15%.
The preliminary reading of China’s HSBC manufacturing purchasing managers' index fell to an eight-month low of 48.1 in March from a final reading of 48.5 in February. Analysts had expected the index to tick up to 48.7.
Markets were also jittery after Federal Reserve Chair Janet Yellen suggested last week that a rate hike might come about six months after the bank’s stimulus program ends, which is expected to happen in the fall.
Coca-Cola (NYSE:CCE) shares rose 0.16% after activist investor David Winters sent a public letter to the company, criticizing its compensation plans.
Adding to gains, Herbalife (NYSE:HLF) surged 6.92% after the health care giant said it agreed to nominate three people proposed by billionaire Carl Icahn to its board. The news sent Herbalife shares up 6.60% in pre-market trade.
In the financial sector, JP Morgan Chase (NYSE:JPM) climbed 0.85% amid reports Fang Fang, the U.S. lender's chief executive officer of investment banking for China, is leaving after more than 12 years at the firm.
Other stocks likely to be in focus included Sonic Corp (NASDAQ:SONC), scheduled to report quarterly earnings later in the day.
Across the Atlantic, European stock markets were mixed to lower. TheDJ Euro Stoxx 50 declined 0.44%, France’s CAC 40 slipped 0.29%, Germany's DAX shed 0.29%, while Britain's FTSE 100 inched up 0.03%.
During the Asian trading session, Hong Kong's Hang Seng surged 1.91%, while Japan’s Nikkei 225 rallied 1.77%.
Later in the day, the U.S. was to release preliminary data on manufacturing activity.
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