Investing.com - U.S. stocks opened lower on Monday, as investors locked in profits after stocks were boosted on Friday by strong U.S. employment data.
During early U.S. trade, the Dow Jones Industrial Average edged down 0.14%, the S&P 500 index slipped 0.19%, while the Nasdaq Composite index shed 0.24%.
Official data on Friday showed that the U.S. economy added 236,000 jobs last month, well above expectations for an increase of 160,000. The unemployment rate ticked down to 7.7%, the lowest level since December 2008, from 7.9% in January.
The robust data added to speculation over an earlier-than-expected end to the Federal Reserve’s easing program.
Merck & Co edged down 0.07% atfter report on Saturday revealed that unexpected serious side effects arose in a huge study of a long-acting niacin drug aimed at raising good HDL cholesterol, possibly adding another nail to the coffin of niacin therapy for heart patients.
Gilead Sciences added to losses, declining 0.40%, even as the biotechnology company said its drug Ranexa reduced incidents of chest pain in patients with diabetes, and the effect appeared to be more effective in those with poor blood sugar control, according to a clinical trial results.
Elsewhere, General Electric saw shares tumble 1.01% after CEO Jeff Immelt said the conglomerate plans to return USD18 billion to investors through dividends and buybacks, adding that dividend growth is a top priority for the company.
Financial stocks were also broadly lower, as shares in Bank of America eased 0.01% and Goldman Sachs edged down 0.06%, while Citigroup and JP Morgan retreated 0.39% and 0.46% respectively.
Separately, RBS upgraded Citibank to "buy" from "neutral."
Among earnings, Dick's Sporting Goods plunged 7.11% after the sporting goods retailer missed quarterly expectations. The company said lower-than-expected sales of outerwear and cold weather accessories offset some positive trends in areas such as athletic footwear and apparel.
On the upside, Dell climbed 0.62% after Icahn Enterprises said it had entered into a confidentiality agreement with the computer hardware maker and looked forward to commencing a review of the company.
Other stocks in focus included Urban Outfitters, due to report results after the closing bell.
Across the Atlantic, European stock markets were mixed to lower. The EURO STOXX 50 dropped 0.56%, France’s CAC 40 slid 0.33%, Germany's DAX slipped 0.27%, while Britain's FTSE 100 added 0.16%.
During the Asian trading session, Hong Kong's Hang Seng Index was flat, while Japan’s Nikkei 225 Index climbed 0.53%.
Also Monday, concerns over a possible slowdown in the world’s second-largest economy weighed after data over the weekend showed that inflation in China hit a 10-month high in February, while industrial output and retail sales slowed.
During early U.S. trade, the Dow Jones Industrial Average edged down 0.14%, the S&P 500 index slipped 0.19%, while the Nasdaq Composite index shed 0.24%.
Official data on Friday showed that the U.S. economy added 236,000 jobs last month, well above expectations for an increase of 160,000. The unemployment rate ticked down to 7.7%, the lowest level since December 2008, from 7.9% in January.
The robust data added to speculation over an earlier-than-expected end to the Federal Reserve’s easing program.
Merck & Co edged down 0.07% atfter report on Saturday revealed that unexpected serious side effects arose in a huge study of a long-acting niacin drug aimed at raising good HDL cholesterol, possibly adding another nail to the coffin of niacin therapy for heart patients.
Gilead Sciences added to losses, declining 0.40%, even as the biotechnology company said its drug Ranexa reduced incidents of chest pain in patients with diabetes, and the effect appeared to be more effective in those with poor blood sugar control, according to a clinical trial results.
Elsewhere, General Electric saw shares tumble 1.01% after CEO Jeff Immelt said the conglomerate plans to return USD18 billion to investors through dividends and buybacks, adding that dividend growth is a top priority for the company.
Financial stocks were also broadly lower, as shares in Bank of America eased 0.01% and Goldman Sachs edged down 0.06%, while Citigroup and JP Morgan retreated 0.39% and 0.46% respectively.
Separately, RBS upgraded Citibank to "buy" from "neutral."
Among earnings, Dick's Sporting Goods plunged 7.11% after the sporting goods retailer missed quarterly expectations. The company said lower-than-expected sales of outerwear and cold weather accessories offset some positive trends in areas such as athletic footwear and apparel.
On the upside, Dell climbed 0.62% after Icahn Enterprises said it had entered into a confidentiality agreement with the computer hardware maker and looked forward to commencing a review of the company.
Other stocks in focus included Urban Outfitters, due to report results after the closing bell.
Across the Atlantic, European stock markets were mixed to lower. The EURO STOXX 50 dropped 0.56%, France’s CAC 40 slid 0.33%, Germany's DAX slipped 0.27%, while Britain's FTSE 100 added 0.16%.
During the Asian trading session, Hong Kong's Hang Seng Index was flat, while Japan’s Nikkei 225 Index climbed 0.53%.
Also Monday, concerns over a possible slowdown in the world’s second-largest economy weighed after data over the weekend showed that inflation in China hit a 10-month high in February, while industrial output and retail sales slowed.