Stocks Opened Lower before Economic Data

U.S. stocks opened lower on Wednesday as investors awaited several major economic data this week that could provide more clarity as to whether the economy is ready for a Federal Reserve interest-rate hike. The Dow Jones Industrial Average lately shed 105.43 points, or 0.59%, to 17,681.77. The S&P 500 fell 9.10 points, or 0.43%, to 2,087.86. The Nasdaq Composite slid 18.77 points, or 0.38%, to 4,929.29.

Fiat Chrysler Automobiles’ eked out a small sales increase in the U.S. in May as sales rose 1.1% while Ford’s sales fell 5.9% and General Motors sales dropped 18% as the U.S. automotive industry is increasingly showing signs of reaching a multi-year peak.

Oil prices fell on Wednesday on expectations of OPEC inaction on output as its focus stays on retaining market share, while concerns about China’s economy weighed on the demand outlook. Brent crude was at $49.19 per barrel at 1116 GMT, down 70 cents.U.S. crude futures were down 74 cents at $48.36 a barrel.

Goldman Sachs cut investment banking jobs in the last few weeks, joining securities firms that are adjusting to a slowdown in deal activity, according to people familiar with the matter.

Cloud-based software maker Salesforce.com Inc (CRM.N) said it would buy Demandware Inc (DWRE.N), whose software is used by businesses to run e-commerce websites, for about $2.8 billion.