By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks began Tuesday's trading
session lower as investors digested earnings beats and misses, but
kept their attention firmly focused on Apple Inc.'s hotly
anticipated product event later in the day.
The S&P 500 (SPX) opened 5 points, or 0.3%, at 1,996.0. The
Dow Jones Industrial Average (DJI) dropped 62 points, or 0.4%, to
17,049.19 at the open. The Nasdaq Composite (RIXF) began the
session down 11 points at 4,581.69.
Among economic news, small-business sentiment in August nudged
up to its second-highest reading since October 2007, a trade group
said Tuesday. Data on job openings for July is due at 10 a.m.
Eastern. Also read: Michael Sincere on why this stock market will
never go down
Stocks to watch: The iPhone maker (AAPL) will hold its product
event at 10 a.m. PDT (1 p.m. Eastern) near its headquarters in
Cupertino, Calif. The newest version of its flagship phone and an
iWatch wearable device are among key things that could help boost
shares of Apple. Also read: Tim Mullaney on why Apple exemplifies
everything that's wrong about Silicon Valley.
McDonald's (MCD) said global comparable sales fell 3.7% in
August and blamed "several headwinds" for the decline. The
fast-food restaurant chain also warned that the problems with a
supplier in China will hurt third-quarter results. Also read: The
secret to a long life? Fast food
Shares of Annie's Inc.(BNNY) rose 37%, on the heels of a similar
late-session rally after General Mills Inc. (GIS) offered to buy
the organic foods company for $820 million in cash.
Shares of Pinnacle Foods Inc.(PF) fell 3.8% after the
packaged-foods company said some shareholders tied primarily to
investment firm Blackstone will sell 15 million common shares.
Barnes & Noble Inc. (BKS) shares reversed losses made
immediately in the wake of the bookseller's quarterly results, and
shares were up 2.7%. Same-store sales fell by more than expected,
but the loss was not as large as expected. Read about more of the
day's notable stock moves here.
Other markets:The yield on the 10-year Treasurys(10_YEAR) rose 3
basis points to 2.5%, its highest since the beginning of August on
a closing basis. Brent crude oil prices held steady at $100 a
barrel, while the dollar charted new highs against the yen (USDJPY)
and the euro (EURUSD). Europe stocks posted mild losses, while Asia
markets saw mostly modest gains.
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