The S&P 500 Retailing Industry Group index shed 0.3 percent to 1,129 following a report from the Commerce Department’s Bureau of Economic Analysis that showed weak consumer spending.
The Dow Jones Industrial Average and the broader S&P 500 were both down 0.1 percent to 18,072 and 2,108, respectively.
The BEA said personal consumption expenditures were flat for April, which compares to a 0.5 percent gain in March — the biggest monthly increase since the summer of 2014. The flat results came in as consumers had higher earnings and disposable income. The personal income rose 0.4 percent in April, up from March’s flat reading. Disposable income also increased 0.4 percent. Personal savings as a percentage of disposable income rose 5.6 percent in the month.