U.S. stocks waver narrowly amid data

U.S. stocks fluctuated in a tight range in the morning session Monday as Wall Street digested a batch of economic reports.

By midday, the Dow Jones Industrial Average rose 43.69 points, or 0.25 percent, to 17,817.33. The S&P 500 gained 4.77 points, or 0.23 percent, to 2,070.07. The Nasdaq Composite Index edged up 0.72 point, or 0.02 percent, to 4,776.08.

U.S. manufacturing activity expanded at a slower pace in April, indicating that low oil prices and a strong U.S. dollar continue to weigh on the industry, according to the Institute for Supply Management Monday.

The manufacturing index, also known as the purchasing managers' index, registered 50.8 in April, a decrease of one point from March's reading of 51.8.

Meanwhile, the U.S. Department of Commerce announced Monday that construction spending during March 2016 was estimated at a seasonally adjusted annual rate of 1,137.5 billion U.S. dollars, 0.3 percent above the revised February estimate.

Investors will keep a close eye on Friday's nonfarm jobs report for more clues on the U.S. Federal Reserve's next rate hike.

Oil prices were also in focus, which traded more than 1 percent lower around midday Monday, as traders were looking for excuses to lock in profits after recent solid gains.

U.S. oil surged about 20 percent in April, the largest monthly gain in a year, helped by a weaker U.S. dollar and reduced U.S. crude output.

Last Friday, U.S. stocks ticked down as investors sifted through the newly-released economic data and quarterly earnings reports. Endit