By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market opened lower on
Monday as recent peaks on the main benchmark and a lack of economic
data contributed to cautiousness among global stock investors.
Monday lived up to its Merger Monday title with a few deals were
grabbing attention. On the economic news front, consumer-credit
data for July is due at 3 p.m. Eastern Time, but otherwise the data
calendar remains largely quiet until Friday's report on retail
sales.
The S&P 500 (SPX) opened 3 points, or 0.1%, lower at 2,005.
The Dow Jones Industrial Average (DJI) dropped 19 points, or 0.1%,
to 17,117. The Nasdaq Composite (RIXF) began the day up 1 point at
4,584.13.
"U.S. indexes have seen rises over the past 5 weeks -- now
having digested news that recent China trade data is weak, and that
Japanese GDP (gross domestic product) has shrunk at its fastest
pace in over 5 years -- the reality is that global economies aren't
where they should be," said Brenda Kelly, chief strategist at IG,
in emailed comments.
Investors shrugged off Friday's weaker-than-expected U.S. jobs
report, and the S&P 500 index (SPX) and Dow industrials (DJU4)
logged fifth-straight weekly gains. Also read: Stock-picking gains
traction as volatility looms
Stocks to watch: Multimedia Games (MGAM) shares surged 29% after
the electronic gaming company announced a $1.2 billion deal to be
acquired by Global Cash Access Holdings Inc.(GCA).
Meanwhile, GE (GE) is selling its appliances unit for $3.3
billion to Sweden's Electrolux. GE has been trying to exit its
century-old appliance business for several years. GE shares were
little changed, while Electrolux shares jumped 8%, making it the
biggest mover for the Stoxx Europe 600 .
Yahoo! Inc. (YHOO) shares were up 2% as China's largest
e-commerce Alibaba Group said it would seek $66 per share, hoping
to raise $24.3 billion in an IPO. Yahoo own 24% of Alibaba.
Campbell Soup Co. (CPB) shares fell 3.2% after the maker of
soups posted a disappointing profit outlook. Also read: See the
day's notable stock moves
Pound, oil on the wane: The London FTSE 100 index slid 1%,
dragging Europe stocks lower after a weekend poll showed
pro-Scottish independence voters in the lead ahead of a referendum
Sept. 18. The pound(GBPUSD) sank over 1% against the dollar to
around nine-month lows.
China reported a surprise fall in imports and a widening trade
deficit, and Hong Kong shares slipped.
Brent crude for October fell below $100 a barrel on the weak
China trade data.
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