Stocks Open Modestly Lower after Consumer Spending Data

U.S. stocks opened modestly lower on Friday, as data showed consumer spending fell for the first time in a year in April.  The Dow Jones Industrial Average lately fell 42.51 points, or 0.25%, to 16,656.23. The S&P 500 was down 1.61 points, or 0.08%, to 1,918.42. The Nasdaq Composite lost 1.72 points, or 0.04%, to 4,246.22.

U.S. consumers cut back on spending in April for the first time in a year. The Commerce Department says consumer spending
fell 0.1% in April, reflecting reductions in purchases of durable goods such as autos and in services such as heating bills.

Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, are donating $120 million to the San Francisco Bay Area’s
public school system.

Ann Inc. said its fiscal first-quarter profit declined 75% as it recorded a bigger-than-expected restructuring charge, and sales fell short of the company’s own forecast. For the quarter ended May 3, Ann posted earnings of $5.2 million, or 11 cents a share, down from $20.9 million, or 44 cents a share, in the year-ago period.

Former Microsoft Corp. chief Steve Ballmer is first in line to buy the L.A. Clippers with a $2 billion bid for the team, according to people familiar with the process, an offer that would triple the record for an NBA franchise.