U.S. stocks edged lower in early trading Monday, led by declines in energy and mining companies as prices for oil and other commodities fell.
KEEPING SCORE: The Dow Jones industrial average lost 84 points, or 0.5 percent, to 17,465 as of 10 a.m. Eastern. The Standard & Poor’s 500 index fell 12 points, or 0.6 percent, to 2,048. The Nasdaq composite shed 31 points, or 0.6 percent, to 5,016.
FALLOUT: Several energy and mining companies were trading lower. Chevron fell $1.94, or 2.1 percent, to $90.11, the most in the Dow. Exxon Mobil lost 89 cents, or 1.3 percent, to $68.47. Consol Energy tumbled 66 cents, or 7.7 percent, to $7.99, while Chesapeake Energy slid 24 cents, or 5.4 percent, to $4.21. Mining company Freeport-McMoRan shed 39 cents, or 5.2 percent, to $7.18.
THE FORCE EFFECT: Disney rose about 2 percent, the second-biggest gain in the S&P 500. The media giant’s blockbuster “Star Wars” sequel reached $1 billion at the box office over the weekend.
OVERSEAS: In Europe, Germany’s DAX fell 0.4 percent, while France’s CAC 40 was off 0.8 percent. In Asia, Japan’s Nikkei added 0.6 percent, while the Shanghai Composite Index lost 2.6 percent. Hong Kong’s Hang Seng slipped 1 percent. The London Stock Exchange remained closed for the holiday break, as did exchanges in Ireland and Australia.
THE GLUT GOES ON: After recovering a bit last week, oil prices slid again amid reports that Iran intends to increase exports by 500,000 barrels per day once economic sanctions are removed. That would only add to excess global supplies that have helped depress oil prices.
ENERGY: Benchmark U.S. crude shed $1.29, or 3.4 percent, to $36.82 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international oils, lost $1.24, or 3.3 percent, to $36.65 per barrel in London.
BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year U.S. Treasury note fell to 2.23 percent from 2.25 percent. The dollar slipped to 120.41 yen while the euro rose to $1.0977.