By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks moved lower on Monday as
investors turned cautious after five straight weeks of gains that
sent the main benchmark to record highs.
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) lost 12 points, or 0.5%, to drop below
2,000 level at 1,995.99. The Dow Jones Industrial Average (DJI)
dropped 42 points, or 0.2%, to 17,096.04. The Nasdaq Composite
(RIXF) shed 8 points, or 0.2%, to 4,575.07.
"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 .
Shares in Boeing Company (BA) rose 1.6% after the aircraft maker
confirmed an order to provide 100 of its 737 MAX airplanes to
Ryanair (RYAAY) .
Yahoo! Inc. (YHOO) shares were up 2.8% 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 2.3% after the maker of
soups posted a disappointing profit outlook. Also read: See the
day's notable stock moves
Pound, oil on the wane: European stocks ended lower after a
weekend poll showed pro-Scottish independence voters in the lead
ahead of a referendum Sept. 18. The London FTSE 100 index slid
0.3%. The pound(GBPUSD) sank against the dollar to the lowest level
since November.
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. Gold prices (GCZ4) fell $11 to 1,255.7.
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