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Snapshot

Factory data fail to impress investors

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The market got off to a slow start for April, edging lower after the S&P 500 eclipsed its record high last week. The catalyst was a slowdown in manufacturing growth last month. The decline was worse than forecast. Stocks started falling shortly after the report came out at 10 a.m. Industrial companies fell 1%, the most in the S&P. Investors have higher expectations for the US economy this year, said JJ Kinahan, at TD Ameritrade: ‘The numbers have to be outstanding in order to drive the market higher.’ Historically, April is the second-strongest month, after December, Deutsche Bank says; the S&P 500 has gained an average of 1.4% in April since 1960.

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