Investing.com - U.S. stocks opened lower on Monday, as concerns over political uncertainty in Spain dominated market sentiment, ahead of the release of U.S. factory orders data.
During early U.S. trade, the Dow Jones Industrial Average retreated 0.79%, the S&P 500 index declined 0.70%, while the Nasdaq Composite index slid 0.64%.
Sentiment weakened as Spanish Prime Minister Mariano Rajoy faced calls to resign, following corruption allegations against him and senior officials in the ruling Popular Party.
Prime Minister Rajoy strongly denied the corruption allegations in a statement on Saturday.
Investor confidence had improved earlier, after data on Friday showed that manufacturing activity in the euro zone improved in January, while inflation and unemployment stabilized, underlining the view that the crisis in the region has turned a corner.
The largest U.S. life insurer, MetLife Inc., dropped 0.62% after saying it is expanding the portfolio of Americas head William Wheeler with a USD2 billion deal, signalling that he may be the next CEO.
Separately, Herbalife plumged 10.95% after the New York Post reported that the nutrition and weight-loss products company is being investigated by law enforcement officials, as a Freedom of Information Act request revealed 192 complaints against the firm in the past seven years.
Financial stocks added to losses, as shares in JP Morgan retreated 0.42% and Goldman Sachs declined tumbled 0.95%, while Bank of America and Citigroup declined 0.94% and 1.35% respectively.
In addition, Blackstone, one of the world's largest alternative asset managers, plummeted 1.73% as it was said to have quietly secured a securities underwriting licence, paving its way into investment banking territory.
In the energy sector, Chevron plunged 1.58% after UBS cut its recommendation on the second-largest U.S. energy company to "neutral" from "buy". Rival company Exxon Mobil was down 0.83%.
Other stocks in focus included Yum Brands, Gilead Sciences and Baidu, all due to post earnings after the closing bell.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 plummeted 1.72%, France’s CAC 40 dove 1.64%, Germany's DAX tumbled 1.65%, while Britain's FTSE 100 plunged 1.20%.
During the Asian trading session, Hong Kong's Hang Seng Index slipped 0.16%, while Japan’s Nikkei 225 Index climbed 0.62%.
Later in the day, the U.S. was to release official data on factory orders.
During early U.S. trade, the Dow Jones Industrial Average retreated 0.79%, the S&P 500 index declined 0.70%, while the Nasdaq Composite index slid 0.64%.
Sentiment weakened as Spanish Prime Minister Mariano Rajoy faced calls to resign, following corruption allegations against him and senior officials in the ruling Popular Party.
Prime Minister Rajoy strongly denied the corruption allegations in a statement on Saturday.
Investor confidence had improved earlier, after data on Friday showed that manufacturing activity in the euro zone improved in January, while inflation and unemployment stabilized, underlining the view that the crisis in the region has turned a corner.
The largest U.S. life insurer, MetLife Inc., dropped 0.62% after saying it is expanding the portfolio of Americas head William Wheeler with a USD2 billion deal, signalling that he may be the next CEO.
Separately, Herbalife plumged 10.95% after the New York Post reported that the nutrition and weight-loss products company is being investigated by law enforcement officials, as a Freedom of Information Act request revealed 192 complaints against the firm in the past seven years.
Financial stocks added to losses, as shares in JP Morgan retreated 0.42% and Goldman Sachs declined tumbled 0.95%, while Bank of America and Citigroup declined 0.94% and 1.35% respectively.
In addition, Blackstone, one of the world's largest alternative asset managers, plummeted 1.73% as it was said to have quietly secured a securities underwriting licence, paving its way into investment banking territory.
In the energy sector, Chevron plunged 1.58% after UBS cut its recommendation on the second-largest U.S. energy company to "neutral" from "buy". Rival company Exxon Mobil was down 0.83%.
Other stocks in focus included Yum Brands, Gilead Sciences and Baidu, all due to post earnings after the closing bell.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 plummeted 1.72%, France’s CAC 40 dove 1.64%, Germany's DAX tumbled 1.65%, while Britain's FTSE 100 plunged 1.20%.
During the Asian trading session, Hong Kong's Hang Seng Index slipped 0.16%, while Japan’s Nikkei 225 Index climbed 0.62%.
Later in the day, the U.S. was to release official data on factory orders.