Investing.com - U.S. stocks opened mixed on Tuesday, after the release of lower than expected U.S. retail sales data dampened expectations for stronger economic growth in the second quarter.
During early U.S. trade, the Dow 30 added 0.09%, the S&P 500 inched 0.06% higher, while the NASDAQ Composite eased up 0.05%.
The U.S. Commerce Department reported that retail sales rose just 0.1% last month, missing expectations for a 0.4% increase. Retail sales for March were revised up to a 1.5% gain from a previously reported increase of 1.2%.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, were flat in April, disappointing forecasts for a 0.6% increase. Core sales in March were revised up to a rise of 1% from a previously reported increase of 0.7%
AT&T (NYSE:T) dropped 0.96% as the telecom company was said to be in advanced talks to acquire DirecTV (NASDAQ:DTV), the largest U.S. satellite-TV provider, for about $50 billion.
On the upside, Pfizer (NYSE:PFE) gained 0.64% as Chief Executive Officer Ian Read began trying to convince U.K. lawmakers on Tuesday that his company’s offer for Astrazeneca (LONDON:AZN) is good for the British economy.
Late Monday, the U.S. drugmaker was reportedly planning to raise its bid.
BlackBerry (NASDAQ:BBRY) added to gains, up 0.43%, after the smartphone maker launched a low-cost touchscreen device in Jakarta, the Z3, in a move to revive sales in emerging markets like Indonesia.
Also in the tech sector, Google (NASDAQ:GOOGL) added 0.20% after Europe's top court ruled earlier Tuesday that users could ask the company to delete sensitive information from its Internet search results.
Meanwhile, Qualcomm (NASDAQ:QCOM) slipped 0.09% following reports two of its former sales directors were charged with insider trading, allegedly making $230,000 in profit from trades in Atheros Communications Inc. when Qualcomm bought the company in 2011.
In earnings news, Elizabeth Arden (NASDAQ:RDEN) posted a surprise first-quarter loss late Monday and said that sales slid 20%, sending shares diving 19.25%.
Other stocks likely to be in focus included Abercrombie & Fitch (NYSE:ANF) and Take-Two Interactive Software (NASDAQ:TTWO), scheduled to report quarterly results later in the day.
Across the Atlantic, European stock markets were higher. The DJ Euro Stoxx 50 added 0.15%, France’s CAC 40 edged 0.19% higher, Germany's DAX climbed 0.45%, while Britain's FTSE 100 eased up 0.03%.
During the Asian trading session, Hong Kong's Hang Seng gained 0.41%, while Japan’s Nikkei 225 jumped 1.95%.