Small caps fall at opening
The Russell 2000 (NYSE: IWM) is in negative territory as investors await the day’s economic news.
At 10:02 a.m. ET, the small-cap index had declined 1.58 points, or 0.23%, to 684.60. The Dow Jones Industrial Average (INDU) was down 47.38 points, or 0.39%, to 12,219.01.
Stocks small and large opened lower as investors are bracing for economic reports that are expected to show a decline in January construction spending and a decrease in February manufacturing.
The Institute of Supply Management will unveil its February manufacturing gauge at 10 a.m. ET, with economists expecting the sector to register a decline. At the same time, the U.S. Census Bureau will release its numbers for January construction spending, with economists expecting a fall of 0.8% after December’s decline of 1.1%.
Among the small-cap losers is Irwin Financial Corp. (NYSE: IFC). The Columbus, Ind.-based financial services company announced before the start of trading that its board has decided to suspend quarterly dividends.
On the flip side, shares of Array BioPharma Inc. (Nasdaq: ARRY) are rising on news before the start of trading that a clinical trial of a dental pain drug achieved its primary and secondary endpoints.
