U.S. stocks open slightly higher after New York state factory gauge plummets

The U.S. stock market opened slightly higher Monday, as investors weighed a plunge in a gauge of manufacturing activity in the state of New York. The Dow Jones Industrial Average DJIA, -0.24% was up 0.1% soon after the opening bell, while the S&P 500 SPX, -0.16% rose 0.

1% and the technology-heavy Nasdaq Composite COMP, +0.02% gained 0.1%, according to FactSet data, at last check. The Federal Reserve Bank of New York’s Empire State business conditions index, a measure of manufacturing activity in the state, plunged 42.6 points in May to a negative 31.8, according to a report Monday from the regional Fed bank.

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