U.S. stocks drift after US manufacturing data disappoints

US stocks closed mixed on Tuesday as markets digested disappointing manufacturing data. Tech shares helped pare losses for the Dow, led by Intel and Apple - which reports after the bell. Meanwhile, the Nasdaq Composite was up nearly 1%. Treasury yields remained below the key level of 3% as the dollar rallied to a fresh multi-month high.

Here's the scoreboard:

Dow Jones Industrial Average: 24,096.64 −66.51 (-0.28%)

S&P 500: 2,648.83 +0.78 (0.029%)

AUD/USD: 0.7484 -0.0048 (-0.64%)

ASX 200 SPI futures: 5,997.0 +50.5 (+0.85%)

1. The Trump administration extended steel and aluminum tariff exemptions on US allies for another 30 days.
2. US factory activity slowed more than expected in April. Data from the Institute for Supply Management showed manufacturing, weighed down by recent tariffs, expanded at their slowest pace since July.
3. Earnings season rolls on. Under Armour reported numbers that beat expectations, but said margin pressures probably won't let up in Q2.
4. The US dollar hit its highest level since January. The Fed meets Wednesday and a flurry of economic data is out this week - but some analysts still aren't entirely sure why the greenback has rallied so much.

Here is Wednesday's economic calendar:

• The Fed meets and ADP reports its employment data.
• Australia reports trade numbers.
• The UK releases construction data.

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