U.S. stocks opened lower on Monday, as investors weighed recent gains before the latest string of corporate earnings and a Federal Reserve meeting.
At 10:43 a.m., the S&P 500 (INDEXSP:.INX) lost 0.2% to 2,071. the 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slid less than 0.1% to 17,638, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) was up 0.1% at 5,035.
Investors will look to the Fed’s meeting this week for indications of the trajectory of U.S. interest rates.
Broadcom (NASDAQ:BRCM), Pfizer (NYSE:PFE), Ford Motor (NYSE:F) and Apple (NASDAQ:AAPL) are among more than 160 S&P 500 firms reporting earnings this week.
A report on Monday showed new U.S. single-family home sales fell to near a one-year low in September after two straight months of gains, suggesting a temporary cooling in the market for new houses.
Valeant Pharmaceuticals (NYSE:VRX) fell 2.2% to $113.41 after Canada’s largest pharmaceutical company said it has formed a committee to review allegations against it.
General Motors (NYSE:GM) skidded 0.9% to $35.63 after the largest U.S. automaker reached a tentative agreement with the United Auto Workers union on a new four-year contract, avoiding a strike for now.
Xerox (NYSE:XRX) slipped 1.1% to $10.23, reversing an earlier gain. The company synonymous with paper copiers and printers said it would undertake a “comprehensive review of structural options,” while it posted its first quarterly loss since 2010 on a hefty charge. Shares gained in premarket trades.
Piedmont Natural Gas (NYSE:PNY) surged 38% to $58.25. Duke Energy is buying the energy services company for $4.9bn in cash, or $60 per share. That represents a 42% premium for Piedmont shareholders over Friday's closing price.
Roper Technologies (NYSE:ROP) advanced 3.9% to $183.77 after the maker of software and engineered products reported adjusted quarterly profit above estimates.