Stocks Opened Lower, Oil Prices Dropped

U.S. stocks opened lower on Tuesday, as a drop in oil prices put pressure on the energy sector. The Dow Jones Industrial Average lately fell 25.65 points, or 0.12%, to 21,054.63. The S&P 500 was off 2.21 points, or 0.09%, to 2,413.61. The Nasdaq Composite was up 4.16 points, or 0.07%, to 6,214.36.

Oil prices fell Tuesday, extending a recent drop that came as OPEC stopped short of taking more aggressive steps to cut production. July West Texas Intermediate crude declined by 20 cents, or 0.4%, to $49.61 a barrel, while July Brent crude gave up 39 cents, or 0.7%, to $52.25 a barrel.

Aided by rising incomes and tax refunds, Americans boosted spending in April at the fastest clip since the end of 2016 in another sign the economy has speeded up during the spring. In April, consumer spending climbed 0.4% to mark the biggest gain since December, the government said Tuesday.

U.S. home price gains picked up speed, accelerating to the highest rate in nearly three years, reflecting sturdy demand and lean supply.The S&P/Case-Shiller 20-city index rose 5.9% compared to a year ago in the three-month period ending in March.