U.S. stocks slipped on Tuesday as a rebound in commodity prices failed to offset lingering concerns about a slowdown in manufacturing growth.
Both U.S. crude and Brent futures rose after Goldman Sachs raised its forecast for oil and as the euro erased some of the previous day's losses. The energy sector, which was one of the weakest on Monday, led the day's gains, while industrials pushed the market down for a second day.
Following much weaker-than-expected New York and Philly Fed manufacturing surveys last week, the Richmond Fed survey showed on Tuesday that manufacturing in the central Atlantic region stalled in May after expanding for seven months.
I don't see any strong positive momentum, said Kim Caughey Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
We don't really have jobs strengthening. We have the economic indicators getting softer and we're heading into the summer.
The Dow Jones industrial average <.DJI> edged up 3.86 points, or 0.03 percent, to 12,385.12. The Standard & Poor's 500 Index <.SPX> rose 1.31 points, or 0.10 percent, to 1,318.68. But the Nasdaq Composite Index <.IXIC> dropped 6.10 points, or 0.22 percent, to 2,752.87.
On Monday, the S&P 500 closed at its lowest level in a month. It also ended below its 50-day moving average for the first time since mid April.
In an expanding investigation into mortgage operations, New York's attorney general is seeking information from banks, including JPMorgan Chase & Co
U.S.-listed shares of UBS fell 0.6 percent to $17.89, Deutsche Bank fell 0.6 percent to $56.97, while Dow component JPMorgan fell 0.7 percent to $42.24. The KBW bank index <.BKX> was down 0.5 percent.
Shares of Russian Internet company Yandex NV
Yandex raised $1.3 billion in its IPO on Monday by selling 52.2 million shares for $25 each. The offering valued the company at about $8 billion.
Yandex shares were up 50.3 percent at $37.59.
The U.S. Treasury is expected to sell 15 percent of its stake in American International Group Inc
(Reporting by Rodrigo Campos; Editing by Jan Paschal)