U.S. stocks opened lower on Tuesday as investors awaited a survey on nonmanufacturing sectors and Federal Reserve speeches. The Dow Jones Industrial Average lately shed 93.31 points, or 0.60%, to 15,545.81. The S&P 500 fell 9.09 points, or 0.51%, to 1,758.84. The Nasdaq Composite pulled back 19.55 points, or 0.50%, to 3,917.04.
A U.S. housing regulator will bar mortgage companies from accepting lucrative payments to arrange a controversial form of homeowners’ insurance, according to government officials. The Federal Housing Finance Agency is pushing ahead with a ban on fees for “force-placed” insurance policies has lapsed—despite industry objections that such a move encroaches on state regulators.
The European Commission on Tuesday cut its forecast for economic growth in the euro zone in 2014 and raised the estimate for unemployment for the same year, saying growth in Europe is set to remain subdued, while risks and uncertainty remain elevated.
Michael Kors Holdings Ltd (KORS.N) reported a better-than- expected 40 percent jump in quarterly revenue, driven by strong demand for its trendy handbags and watches. The company’s net income jumped 49 percent to $145.8 million, or 71 cents per share, in second quarter ended September 28 from $97.8 million, or 49 cents per share, a year earlier. Revenue rose to $740.3 million, beating the average analyst estimate of $726 million.
Taiwan’s Acer Inc announced a restructuring plan with a new chief executive and 7 percent job cuts on Tuesday following a worse-than-expected net loss of T$13.12 billion ($446 million) in the third quarter.
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