Drop in factory output weighs down markets

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The nation's factory output unexpectedly dropped in May to weigh the markets down to a lower open with the Dow falling 74 points to 21,299. Nasdaq plummeted 71 points to 6,123.


On the upside


DDR (NYSE: DDR) and Madison International Realty recapitalized a joint venture.


Hilton Grand Vacations (NYSE: HGV) priced its secondary offering of 9.65 million common shares.


Bargain hunters lifted shares of McEwen Mining (NYSE: MUX).


On the downside


Kroger (NYSE: KR) reported sharply lower first quarter earnings prompting the grocery store chain to slash its full year earnings outlook. 


Mattel (Nasdaq: MAT) will cut its dividend in order to finance its strategic growth plan.

 

Alibaba (NYSE: BABA) may partner with SoftBank to jointly invest $1.5 billion in Singaporean ride-hailing startup Grab.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 dropped 16 points to 2,421. Bitcoin plunged $186 to $2276.


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