* April consumer spending biggest increase in four months
* Consumer confidence index falls in May
* Amazon briefly crosses $1,000 mark
* CardConnect jumps - First Data to buy company for $750 mln
* Indexes down: Dow 0.13 pct, S&P 0.05 pct, Nasdaq 0.04 pct
(Update to early afternoon)
By Tanya Agrawal
May 30 U.S. stocks were little changed in early
afternoon trading on Tuesday as a rise in technology stocks
offset declines in energy and financial shares.
Oil prices fell over 1 percent on concerns that output cuts
by the world's big exporters may not be enough to drain a global
glut that has depressed the market for almost three years.
The energy sector's 0.94 percent fall led the
decliners among the major S&P 500 sectors. Exxon was
down 0.4 percent, while Chevron fell 0.2 percent.
Adding to the pressure, financial stocks were down 0.5
percent. JPMorgan fell 1.1 percent, weighing the most on
the S&P, while Goldman Sachs' 1.6 percent decline dragged
on the Dow.
Data showed core PCE price index fell to 1.5 percent in the
12 months through April from 1.6 percent in March, reinforcing
views that the Federal Reserve might not raise rates again after
"We're in a period of time where the first-quarter data was
slightly weak and people are wondering if the data was an
anomaly or is there something more there," said Brent Schutte,
chief investment strategist for Northwestern Mutual Wealth
Dallas Fed head Robert Kaplan told CNBC that while he was
concerned about the recent economic data, he expected two more
rate hikes in 2017.
U.S. consumer spending recorded its biggest increase in four
months in April, but the consumer confidence index fell to 117.9
in May from 119.4 in April.
At 12:37 p.m. ET (1637 GMT), the Dow Jones Industrial
Average was down 27.47 points, or 0.13 percent, at
21,052.81, the S&P 500 was down 1.21 points, or 0.050087
percent, at 2,414.61.
The Nasdaq Composite was down 2.61 points, or 0.04
percent, at 6,207.59.
The technology sector rose 0.3 percent. Apple's
0.5 percent rise was the biggest boost on the S&P and
Amazon was up 0.3 percent at $998.26, after briefly
crossing the $1,000 mark. Alphabet's Class A shares
were close behind, after hitting a record of $997.62.
CardConnect's shares jumped 10.3 percent to $15.05
after First Data agreed to buy the payment processor for
$750 million. First Data was up 0.8 percent.
Declining issues outnumbered advancers on the NYSE by 1,770
to 1,069. On the Nasdaq, 1,824 issues fell and 926 advanced.
The S&P 500 index showed 28 new 52-week highs and 11 new
lows, while the Nasdaq recorded 82 new highs and 70 new lows.
(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)