Following the market opening Monday, the Dow traded down 0.14 percent to 16,923.66 while the NASDAQ declined 0.05 percent to 4,366.07. The S&P also fell, dropping 0.02 percent to 1,962.39.
Leading and Lagging Sectors
Monday morning, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from Cliffs Natural Resources (NYSE: CLF) and Thompson Creek Metals Company (NYSE: TC).
Telecommunications services shares fell around 0.68 percent in trading on Monday. Top losers in the sector included NQ Mobile (NYSE: NQ), down 2.1 percent, and China Mobile (NYSE: CHL), off 2.1 percent.
The offer price of $68 per share represents a 3.4% premium over Micros' closing price on Friday.
Equities Trading UP
Equities Trading DOWN
Shares of Meritor (NYSE: MTOR) were 11.86 percent to $12.86 after the company reached a 0 million settlement with Eaton (NYSE: ETN) related to an anti-trust suit filed in 2006. The company’s board also authorized a repurchase of up to $210 million.
Ixia (NASDAQ: XXIA) shares tumbled 3.88 percent to $11.41 after the company reported its Q4 earnings of $0.15 per share on revenue of $120.60 million. Ixia now expected Q1 sales of $109.0 million to $113.0 million.
FMC (NYSE: FMC) was down, falling 3.25 percent to $72.32 after the company lowered its FY14 earnings forecast and issued a weak Q2 outlook.
In commodity news, oil traded down 0.07 percent to $106.75, while gold traded down 0.08 percent to $1,315.50.
Silver traded down 0.38 percent Monday to $20.92, while copper rose 0.90 percent to $3.14.
European shares were lower today.
The eurozone’s STOXX 600 declined 0.28 percent, the Spanish Ibex Index dropped 0.05 percent, while Italy’s FTSE MIB Index fell 0.70 percent.
Meanwhile, the German DAX declined 0.29 percent and the French CAC 40 dropped 0.41 percent while UK shares slipped 0.21 percent.
The Chicago Fed National Activity Index rose to 0.21 in May, versus economists’ expectations for a reading of 0.20.
The flash reading of Markit PMI manufacturing index rose to a reading of 57.5 in June versus a reading of 56.4 in May. However, economists were expecting a reading of 56.0.
Sales of existing homes rose 4.9% to an annual rate of 4.89 million in May. However, economists were estimating a sales rate of 4.74 million.
The Treasury is set to auction 3-and 6-month bills.
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