Stocks, dollar slip on soft data, corporate outlooks
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NEW YORK/LONDON : U.S. stock indexes and the dollar were flat on Tuesday after bellwether companies posted some profit beats but warned of a tough year ahead, while data showed U.S. business activity contracted for the seventh straight month in January.
S&P Global's Flash U.S. Composite Output Index last month rose to 46.6, below a reading of 50 where growth begins, and companies reported soft demand amid high inflation that remained a headwind to customer spending.
Chris Williamson, an economist at S&P Global, said in a statement the survey indicated input costs have accelerated into the new year, partly due to upward wage pressures, which could encourage further aggressive tightening by the Federal Reserve.
The three major U.S. stock indexes fell as corporate results from bellwethers including 3M, Johnson & Johnson, Verizon and GE showed some profit beats but warned of a tough year ahead.
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