Wall Street opens lower as investors return from long weekend

Following a three-day holiday weekend, traders returned to the markets, and the major equity indexes in the U.S. opened slightly lower as the mixed macro data from the U.S. and the dismal performance of commodities hurt the market sentiment.

Although consumer spending in the U.S. recorded its largest increase since February, the core PCE price index, the Fed's favorite inflation gauge, rose 1.5% on a yearly basis in April, remaining below the 2% target inflation rate. Nevertheless, the probability of a rate hike in June continues to stay near 90% according to the CME Group FedWatch Tool.

• US: Personal income increased $58.4 billion (0.4%) in April 
• CME Group FedWatch June hike probably virtually unchanged post-US data

Commenting on the market sentiment, "We are expecting confidence to slip as the political turmoil in Washington weighs. Nonetheless, the confidence index is expected to stay within its upper range," Peter Cardillo, chief market economist at First Standard Financial, told Reuters.

As of writing, the Dow Jones Industrial Average was down 47.56 points, or 0.23%, at 21,032.72, the S&P 500 was down 2.75 points, or 0.11%, at 2,411.00, and the Nasdaq Composite was down 4 points, or 0.06%, at 6,206.19.

• US Dollar sinks to lows post-US data