US stocks turn sharply lower after dismal US data

The US equity markets witnessed a weaker opening on Wednesday, with all the three major indices drifting sharply into negative territory during opening hour of trade. 

At the time of writing, DJIA lost around 70-points and dropped below 21,000 mark, while the broader S&P 500 Index dropped nearly 8-points to 2,405. Meanwhile, a handful of key technology stocks outperformed the broader market and lifted tech-heavy Nasdaq Composite Index to a new intraday record high. The index, however, reversed sharply and plunged over 30-points, sliding farther below 6,200 mark. 

A sharp fall in crude oil prices was seen weighing on energy shares and seems to be denting investors' appetite for riskier assets - like equities. Moreover, traders also seemed reluctant to initiate fresh long positions ahead of the next big event risk - the keenly watched US monthly jobs data on Friday. 

On the US economic data front, Chicago PMI fell sharply to its lowest level since January, down to 55.2 in May from 58.3 in April. Adding to the recent slew of US data-disappointment, US Pending Home Sales plunged -1.30% in April and further collaborated to the weaker trading sentiment.