U.S. stocks opened narrowly mixed Tuesday amid a batch of housing data.
The Federal Housing Finance Agency (FHFA) reported Tuesday that its monthly House Price Index (HPI) showed no change in U.S. house prices for April from the prior month. Analysts had expected the index to rise 0.5 percent in April.
Other data showed the rate of U.S. home price gains dropped sharply in April from a year ago. The S&P/Case-Shiller Home Price Indices, a leading measure of U.S. home prices, show that the 10-City and 20-City Composites posted annual gains of 10.8 percent in April, significantly lower than those of last month, according to data released by S&P Dow Jones Indices.
Later in the morning session, the U.S. Commerce Department will publish new home sales for May.
In corporate news, Xunlei Ltd., a leading Chinese Internet company, announced the pricing of its initial public offering of 7.315 million American Depositary Shares (ADSs), with each ADS representing five common shares, at an offering price of 12 U.S. dollars per ADS. Its shares are expected to begin trading on Nasdaq in the morning session under the ticker symbol "XNET."
Shortly after the opening bell, the Dow Jones Industrial Average lost 18.31 points, or 0.11 percent, to 16,918.95. The S&P 500 slipped 2.74 points, or 0.14 percent, to 1,959.87. The Nasdaq Composite Index was up 3.20 points, or 0.07 percent, to 4,371.87.
On the previous trading day, U.S. stocks closed little changed in a narrowly fluctuating session, with the blue-chip Dow and the S&P 500 halting a six-day winning streak, as investors tended to stay on the sidelines after both indices' record run.