Midday Report: Disappointing May at Ford, GM; U.S. Stocks Try for Gains

U.S. stocks tried for gains on Wednesday despite disappointing manufacturing data out from China and weaker sales from U.S. automakers last month. May saw two fewer selling days compared to a year earlier which contributed to less foot traffic in showrooms. Ford (F) - Get Report reported a nearly six percent decline in total vehicle sales with a 25 percent slump in car units overshadowing strong truck demand. General Motors (GM) - Get Report suffered an 18 percent decline as tight supplies of newer models choked off demand. Fiat Chrysler (FCAU) - Get Report , meanwhile, managed to lift sales to their best May level in 11 years. Construction spending in the U.S. unexpectedly declined in April, pulling back from a solid March. The surprise drop was mostly due to unexpectedly-weaker residential spending.