NEW YORK — U.S. stocks are drifting in quiet trading ahead of what could be a quiet, holiday-shortened week. The S&P 500 was off 0.1% in early trading Monday, near its record set on Thursday. The Dow Jones Industrial Average was down 127 points, and the Nasdaq composite was up 0.1%. Treasury yields rose, which added some pressure on the stock market.
The June 6-9 polls saw the European Parliament shift to the right. Voters dealt major blows to governing parties in heavyweight countries France and Germany, and investors worry that could weaken the European Union, stall fiscal plans and ultimately hurt France’s ability to pay its debt.In Asian trading, shares mostly fell after China kept a key lending rate unchanged and reported its factory output slowed in May, with the property market still deep in the doldrums.
Factory output fell 5.6% in China in May, the government reported, below analysts' forecasts and slowing from 6.7% the month before. Retail sales rose just 4.1% in the first five months of the year. Most markets in Southeast Asia were closed for holidays, while Thailand's SET lost 1.8% ahead of several key court decisions expected Tuesday in cases against the ruling party or its allies.
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