NEW YORK (AP) — U.S. stocks followed European indexes lower on the first day of trading in the fourth quarter.
European stocks fell broadly Monday after Greece said it will miss deficit reduction targets it had agreed to as part of its bailout deal. Benchmark indexes in Germany, France, and Spain fell more than 2 percent.
The Dow Jones industrial average lost 32 points, or 0.3 percent, to 10,882 at 9:45 am EST. The S&P 500 fell 2, or 0.2 percent, to 1,129. The Nasdaq composite shed 5, or 0.2 percent, to 2,409.
In the U.S., investors will be looking at manufacturing index and construction spending figures. Economists expect the Institute for Supply Management’s September index to show that manufacturing activity barely grew for the third straight month.
Construction spending figures are also expected to show that the industry continues to decline. Analysts are predicting that overall construction spending was about half of the $1.5 trillion pace that is considered healthy
Concerns that the U.S. economy is headed for another recession helped send the S&P 500 index, the basis for most mutual funds that invest in U.S. stocks, down 14 percent over the three months that ended in September. It was the worst quarterly performance for the stock market since the financial crisis of 2008.
The Dow Jones industrial average dropped 240 points, or 2.2 percent, to 10,913 Friday to close out the third quarter.