US open: Stocks mixed as shutdown drags on, PMI data diverges

(Sharecast News) - Wall Street trading got off to a mixed start on Monday as stocks come off a winning session.

As of 1520 GMT, the Dow Jones Industrial Average was down 0.34% at 47,402.80, while the S&P 500 advanced 0.26% to 6,840.20, and the Nasdaq Composite came out of the gate 0.58% firmer at 23,863.26.

The Dow opened 160.07 points lower on Monday, more than reversing gains recorded in the previous session after a barrage of blue chip earnings came in ahead of analysts' expectations - though markets were largely rangebound as stocks continued to trade near record highs.

Investor focus was again locked in on Washington DC early on Monday, with the US fedreal government shutdown, which has delayed several key economic data releases, now entering its 33rd day.

Elsewhere, market participants were keeping a keen eye on the Supreme Court, which was expected to hear oral arguments on legality of White House's tariffs, and signs of easing trade tensions between Washington and Beijing.

On the macro front, the S&P Global US manufacturing purchasing manager's index came in at 52.5 in October, above preliminary estimates of 52.2 and slightly up from September's 52.0 reading, signalling the third consecutive month of expansion in the manufacturing sector, supported by faster output growth and the biggest rise in new orders in nearly two years, fuelled by heightened market demand and new contracts.

On the other hand, the Institute for Supply Management's manufacturing PMI fell to 48.7 in October, down from 49.1 in September amd short of market expectations of 49.5 - an eighth consecutive month of contraction in the manufacturing sector. Production shrank to 48.2 from 51, while further contractions were also seen in new orders, employment and inventories. Meanwhile, price pressures eased to 58 from 61.9.

In the corporate space, Palantir will report earnings after the close.

Reporting by Iain Gilbert at Sharecast.com