U.S. stocks mildly lower at midday on weak data

U.S. stocks wavered between gains and losses in a narrow range in the morning session on Friday, as a string of economic reports came out negative.

At noon, the Dow Jones Industrial Average ticked down 21.99 points, or 0.12 percent, to 18,230.25. The S&P 500 fell 2.63 points, or 0.12 percent, to 2,118.47. The Nasdaq Composite Index lost 9.89 points, or 0.20 percent, to 5,040.91.

On the economic front, U.S. industrial production decreased 0.3 percent in April for its fifth consecutive monthly loss, missing market expectations, the Federal Reserve said Friday. Manufacturing output was unchanged in April after recording an upwardly revised gain of 0.3 percent in March.

"It should come as no surprise that the manufacturing sector is having a rough go since currency appreciation and commodity prices caused domestic firms to halt some production and cut margins; the question is only how long it lasts," said Jay Morelock, an economist at FTN Financial, in a note.

U.S. consumer sentiment fell to a preliminary May reading of 88. 6, the lowest level since November 2014, compared with a final April level of 95.9, according to reports on the University of Michigan gauge released Friday.

Meanwhile, the May 2015 Empire State Manufacturing Survey indicated that business conditions improved slightly for New York manufacturers. The headline general business conditions index showed a reading of 3.09, missing market expectations.

U.S. stocks surged Thursday, with the S&P 500 closing at record, as mixed economic data suggested that the Federal Reserve may delay interest rate hikes despite a solid labor market. Endite