By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks opened lower on Wednesday after U.S. retail sales fell in May for a second month, reigniting concern that consumer spending has softened.
The Dow Jones Industrial Average DJIA -0.19% fell 51.92 points, or 0.4%, to 12,521.88.
The S&P 500 Index SPX -0.20% dropped 6.10 points, or 0.5%, to 1,318.08.
The Nasdaq Composite COMP -0.12% lost 13.72 points, or 0.5%, to 2,829.35.
Dell Inc. DELL +4.51% shares rose nearly 4% after the personal-computer maker’s CEO told analysts in Texas the company would look to reduce expenses by more than $2 billion during the next three years, according to Bloomberg News. Michael Dell’s comments came a day after Dell initiated an 8-cent a share quarterly dividend.
J.P. Morgan Chase & Co. JPM +0.74% Chief Executive Officer Jamie Dimon arrived on Capitol Hill, where he is scheduled to testify before the Senate Banking Committee on his bank’s losing more than $2 billion on credit derivatives. See J.P. Morgan live blog.
On Tuesday, U.S. equities rallied on speculation of central bank moves to bolster the economy ahead of the Federal Open Market Committee’s policy-setting meeting next week.
Kate Gibson is a reporter for MarketWatch, based in New York.
