By Anora Mahmudova and Karen Friar, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks inched lower on Monday
adding to last week's declines as caution prevailed ahead of the
Federal Reserve's September meeting, at investors expect the Fed to
adopt a more hawkish tone in its statement.
Weak Chinese factory data over the weekend put pressure on
commodities and global equities.
The S&P 500 (SPX) fell 2 points, or 0.1%, to 1,983.36. The
Dow Jones Industrial Average (DJI) was off 8 points at 16,977.75.
The Nasdaq Composite (RIXF) slipped 8 points, or 0.2%, to
4,559.62.
Official figures from China on Saturday showed the country's
industrial output growth slipped in August to its lowest level
since the 2008 global financial crisis, dealing a blow to companies
and economies dependent on China.
Investors are watching for signs that the Fed may signal the
start of interest-rate hikes earlier than expected ahead of a
two-day Federal Open Market Committee meeting set to begin
Tuesday.
Data: The Empire State manufacturing survey improved to a near
five-year high, though the details were not as strong as the
headline index, the New York Fed said Monday. Futures have not
moved after the release.
Separately, industrial production declined unexpectedly in
August to mark the first drop since January, and a series of
revisions left output in July lower than previously estimated,
according to data released Monday.
Stocks to watch: Yahoo Inc (YHOO) shares gained 2% on top of
more than an 8% increase last week and remained in the spotlight as
Alibaba prepares for its much-hyped IPO. Yahoo holds roughly a 23%
stake in the Chinese e-commerce giant and intends to sell at least
a portion of those shares during the IPO, raising the prospect of a
big cash windfall.
European and U.S. brewers were in focus after news reports of
potential financing of deals between AB InBev (AHBIY) and
SABMiller. SABMiller soared 11%, Molson Coors (TAP.NV.T) jumped
7.4%, AB InBev was up 2.8%.
Shares of Cognizant Technology Solutions Corp. (CTSH) climbed
2.8% after the IT company said it agreed to buy privately held
TriZetto Corp. for $2.7 billion in cash.
Apple Inc (AAPL) inched 0.5% higher after the tech company said
Friday preorders for its new iPhones hit a record, though it didn't
provide details.
Netflix (NFLX) is launching in three new markets in Europe on
Monday, with initial resistance to the arrival of the
streaming-media company in France potentially alleviated by a
set-top box deal with Bouygues SA .
U.S. health-care group Danaher Corp. said Monday it will buy
Swiss dental-implant maker Nobel Biocare Holding AG in a cash deal
worth $2.1 billion. (Read more about the day's notable movers here:
http://www.marketwatch.com/story/apple-yahoo-yum-in-focus-2014-09-14.)
Other markets: In Asia, stocks listed in Hong Kong fell to mark
a seventh session of losses, under pressure from the weak Chinese
data. The dollar (USDJPY) climbed against the yen to Yen107.24.
European stocks were mixed, with the Chinese data in sight. Gold
prices (GCZ4) were moving up, while oil futures (CLV4) were losing
ground.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires