U.S. stock indexes edged lower in early trading Monday as investors weighed the latest batch of company earnings news. Real estate and healthcare stocks were among the biggest decliners. Energy companies also fell as the price of crude oil headed lower.
The Dow Jones industrial average fell 1 point to 20,070 as of 10:07 a.m. EST. The Standard & Poor’s 500 index slid 3 points, or 0.2%, to 2,293. The Nasdaq composite index lost 6 points, or 0.1%, to 5,660. On Friday the Nasdaq closed at a record high and the S&P 500 came within a point of its own all-time high.
MALL WOES: Newell Brands tumbled 5.8% to $44.15 after the maker of Rubbermaid, Sharpie, Elmer’s Glue and other products reported disappointing sales and issued a full-year sales forecast that fell far short of analysts’ estimates. The company said the strong dollar and fewer people shopping at malls hurt sales of some key products. The stock fell the most in the S&P 500.
MIXED RESULTS: Sysco slid 3% to $50.99 after the food company reported better earnings, but its revenue was weaker than expected.
EXECUTIVE SHUFFLE: Tiffany & Co. fell 1.9% to $78.99 a day after the jewelry company’s chief executive stepped down amid concerns about the company’s financial performance. Tiffany has begun to search for a successor to Frederic Cumenal, who was named CEO in April 2015. Michael Kowalski, chairman of the board of directors and previous CEO of Tiffany, was tapped to serve as interim CEO.
PLAYTIME: Hasbro vaulted 16.1% to $95.90 after the toymaker’s fourth-quarter profit and sales beat Wall Street’s estimates. The company reported better sales of toys marketed to girls, including Disney Princess and “Frozen” products. The stock led all the gainers in the S&P 500.
KEEPING SCORE: In Europe, Germany’s DAX and France’s CAC 40 were down 0.9%. Britain’s FTSE 100 fell 0.2%. Japan’s benchmark Nikkei 225 advanced 0.3%, while Hong Kong’s Hang Seng rose 1%. Australia’s S&P/ASX 200 edged down 0.1%. South Korea’s Kospi gained 0.2%. Benchmarks were also higher in Taiwan and Singapore.
ENERGY: Benchmark U.S. crude was down 10 cents to $52.73 a barrel in New York. Brent crude, used to price international oils, was down 14 cents to $56.67 a barrel in London.
TREASURY YIELDS: Bond prices rose. The 10-year Treasury yield fell to 2.45% from late Friday’s 2.47%.
CURRENCIES: The euro fell to $1.0721 from Friday’s $1.0765. The dollar slipped to 112.45 yen from 112.96 yen.
Article by Associated Press.