US Stocks Lower After Weak China Data

(AP) -- U.S. stocks moved lower in early trading Wednesday, echoing a slide in global markets as investors weighed a batch of discouraging economic data out of China. Energy companies were among the biggest decliners as the price of oil fell.

KEEPING SCORE: The Dow Jones industrial average fell 64 points, or 0.4 percent, to 17,722 as of 10:08 a.m. Eastern time. The Standard & Poor's 500 index shed four points, or 0.2 percent, to 2,092. The Nasdaq composite index lost six points, or 0.1 percent, to 4,941.

SWEATIN'IT: Under Armour slumped 6.2 percent after the sports apparel maker slashed its full-year revenue guidance, saying that the closure of Sports Authority stores will hurt its sales. A bankruptcy court recently decided to approve the liquidation of privately held Sports Authority, which sold Under Armour goods, rather than a restructuring or sale. Under Armour shed $2.17 to $32.80.

DRILLED: Several oil and gas drilling companies fell. Transocean slid 41 cents, or 4.2 percent, to $9.38, while Helmerich & Payne lost $2.59, or 4.2 percent, to $58.56. National Oilwell Varco shed $1.23, or 3.7 percent, to $31.72.

RETAIL THERAPY: Michael Kors jumped 5.2 percent after the retailer reported that strong online sales and new store locations helped give a big boost to its fiscal fourth-quarter revenue, exceeding Wall Street's expectations. The stock rose $1.91 to $44.60.

DISCOURAGING DATA: Two surveys showed persisting weakness in China's factories last month, another sign of trouble for the world's second-largest economy. An official index by the Chinese Federation of Logistics & Purchasing, based on a survey of factory purchasing managers, came in at 50.1 in May. Numbers above 50 indicate expansion and those below 50 indicate contraction. The private Caixin/Markit survey was more pessimistic. That survey fell to 49.2 last month from 49.4 in April. The reports came a day after the latest measure of U.S. consumer confidence dropped for a second month.

MARKETS OVERSEAS: In Europe, Germany's DAX was down 0.6 percent, while France's CAC 40 slid 0.7 percent. Britain's FTSE 100 fell 0.7 percent. In Asia, Japan's Nikkei 225 finished 1.6 percent lower, while South Korea's Kospi slipped less than 0.1 percent. Hong Kong's Hang Seng index fell 0.3 percent. Australia's S&P/ASX 200 slumped 1 percent.

ENERGY: Benchmark U.S. crude oil was down $1.01, or 2 percent, to $48.11 a barrel in New York. Brent crude, which is used to price international oils, fell 87 cents, or 1.7 percent, to $49 a barrel in London.

BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year Treasury note fell to 1.82 percent from 1.85 late Tuesday. In currency markets, the dollar weakened to 109.38 yen from 110.59 yen in Tuesday's trading. The euro rose to $1.1174 from $1.1126.

(KA)