Wed, Jul 10, 2013 11:29 AM EDT 1:04
Stocks opened little changed, following weaker-than-expected data from China and as investors awaited the release of minutes from the Federal Reserve's June meeting. European Union officials announced an ambitious proposal for a uniform way to deal with failing banks in the region that would include central decision-making and an emergency fund raised from Europe?s banks Wholesale inventories fell in May by the most in over a year and a half, the second straight monthly decline and a sign that restocking by businesses could weigh against economic growth in the second quarter. The Commerce Department said wholesale inventories dropped 0.5 percent during the month, confounding the expectations of analysts polled by Reuters, who expected an increase. It was the sharpest decline since September 2011. However, sales were stronger than expected, rising 1.6 percent.