June 05, 2012-Weak Euro Zone Economic Data Sends Stocks Lower

Eurozone private sector readings seem to have spoiled the party for Wall Street on Tuesday, quelling the initial optimism generated by hopes of additional stimulus and policy support. That said, sentiment over the course of the session may be dictated by the results of the domestic service sector survey done by the Institute for Supply Management and the developments from the conference call scheduled among the G7 finance ministers and central bank governors to discuss the eurozone crisis. U.S. stocks went about a tentative run on Monday, remaining mostly below the unchanged line before closing mixed. The mixed performance came against the backdrop of the simmering eurozone debt crisis and a report showing an unexpected drop in factory orders, which accentuated the fragility of the domestic economy. On the economic front, the Institute for Supply Management is scheduled to release the results of its non-manufacturing survey at 10 am ET. The non-manufacturing index is likely to show a reading of 53.5 for May, flat with the previous month.