NEW YORK (AP) — Stocks are heading slightly lower in early trading after the government reported that Americans cut back on their spending last month, a discouraging sign for the economy.
The Dow Jones industrial average slipped 13 points to 15,311 shortly after the opening bell Friday, the last day of May. That’s a decline of 0.1 percent. The Dow is still up 17 percent this year.
The Standard & Poor’s 500 index was down less than a point at 1,654. The Nasdaq composite index was down three points at 3,488, or 0.1 percent.
Spending by American consumers fell 0.2 percent in April, the first decline since last May. Incomes were unchanged after rising in March.
Lions Gate Entertainment rose 4 percent to $29.20 after its income and revenue beat Wall Street’s forecasts.