Stocks Opened Slightly Lower after Weak Economic Data, Mixed Earnings

U.S. stocks opened slightly lower on Tuesday, after data showed that housing starts hit lowest level since 2015 in April and earnings reports from major retailers, including Walmart and Home Depot. The Dow Jones Industrial Average lately shed 175.26 points, or 0.71%, to 24,422.11. The S&P 500 iretreated 10.30 points, or 0.35%, to 2,943.61. The Nasdaq Composite was up 21.96 points, or 0.24%, to 9,256.79.

U.S. oil prices were slightly higher early Tuesday amid signs that producers are cutting output as promised . West Texas Intermediate crude for June delivery was up 57 cents, or 1.8%, at $32.39 a barrel. Brent crude was up 4 cents, or 0.1%, at $34.85 a barrel.

U.S. home building plunged in April to the lowest level in five years. The Commerce Department said Tuesday that ground breakings plummeted 30.2% last month to a seasonally adjusted annual rate of 891,000. Construction of single-family homes dropped 25.4% to an annual rate of 650,000.

Retail giant Walmart (WMT) reported stronger-than-expected first-quarter earnings on Tuesday, driven by a surge in e-commerce and higher traffic in stores. It reported revenue of $134.6 billion vs. expectations of $132.48 billion.

Home Depot missed earnings estimates when it reported its first-quarter results Tuesday morning. It reported earnings of $2.08 per diluted share. Analysts polled by FactSet expected earnings of $2.27 per share, flat from a year earlier.