NEW YORK (AP) - Stocks were inching lower on Monday morning as a big week for economic news got underway.
NEW YORK (AP) — Stocks were inching lower on Monday morning as a big week for economic news got underway.
On Wednesday the government will report its first estimate of U.S. economic growth for the second quarter, and on Friday it will publish its monthly jobs survey.
Both reports will give investors a better idea about the strength of the economy and what's next for the Federal Reserve's stimulus program. Investors will hear from the Fed on Wednesday after the bank winds up a two-day policy meeting.
The Dow Jones industrial average fell 23 points, or 0.2 percent, to 15,535 as of 10:00 a.m. Eastern Daylight Time. The Standard & Poor's 500 index dropped three points, or 0.2 percent, to 1,688. The Nasdaq composite was little changed at 3,614.
The S&P is up 5.1 percent in July. With just three days left in the month, the index is on track for its best month since October.
Investors will also be focusing on corporate earnings this week.
Just over half of the companies in the S&P 500 index have reported earnings for the second quarter. Analysts are currently forecasting earnings growth of 4 percent for the April-through-June period, according to S&P Capital IQ.
In government bond trading, the yield on the 10-year Treasury note rose to 2.58 percent from 2.56 percent Friday. The note's yield, which moves inversely to its price, edged up 0.1 percentage point last week.
In commodities trading, crude oil was little changed at $104.31 a barrel. Gold climbed $6.60, or 0.5 percent, to $1,328.30 an ounce.
The dollar gained against the euro, but fell against the Japanese yen.
Among stocks making big moves:
— Saks rose 53 cents, or 3.5 percent, to $15.83 after the Canadian retailer Hudson's Bay agreed to buy the luxury retailer for $2.4 billion, or $16 a share.
— Perrigo, fell $6.39, or 5 percent, to $127.90 after the drugmaker agreed Monday to buy Ireland's Elan for $8.6 billion.
— Omnicom Group jumped $3.74, or 6 percent to $68.85 after agreeing to combine with France's Publicis Groupe to create the world's largest advertising company.