Today's Market: Stocks Waver Between Small Gains and Losses in Early Trade
This Tuesday, Oct. 25, 2016, file photo shows the New York Stock Exchange at sunset, in lower Manhattan. Global stocks fell Monday, Nov. 13, 2017, as investors became more cautious after several market indexes hit record highs in the past week.
AP Photo/Mary Altaffer, File
NEW YORK - US stocks are wavering between small gains and losses in early trading Monday. Investors are sizing up the latest company earnings and deal news, including a report that Hasbro has made an offer to buy rival toymaker Mattel. Health care and industrial companies are down the most.
KEEPING SCORE: The Standard & Poor's 500 index was little changed at 2,582 as of 10:20 a.m. Eastern time. The Dow Jones industrial average gained 8 points, less than 0.1 percent, to 23,430. The Nasdaq composite gave up 3 points to 6,748. More stocks fell than rose on the New York Stock Exchange.
LET'S PLAY TOGETHER: Toymaker Mattel soared 19 percent following a report that rival Hasbro made an offer to buy the company. Mattel was the biggest gainer in the S&P 500, climbing $2.79 to $17.41. Hasbro added $7.11, or 7.8 percent, to $98.56.
SHOPPING MALLS: GGP climbed 5.6 percent after Brookfield Property Partners offered to buy the rest of shopping mall owner for $14 billion, or $23 a share. Shares in GGP rose $1.25 to $23.45.
UNDER THE WEATHER: Several drugmakers and health insurers were trading lower. Mylan fell 41 cents, or 1.1 percent, to $37.76.
GE DIVIDEND: General Electric slumped 3.1 percent after it said that it will slash its dividend in half to 12 cents per share, starting next month. The announcement came as investors gathered in Boston, where Chairman and CEO John Flannery detailed a significant retooling of the U.S. conglomerate. The stock was the biggest decliner in the S&P 500, losing 62 cents to $19.86.
BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.38 percent from 2.40 percent.
ENERGY: Benchmark U.S. crude was up 6 cents to $56.80 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, was down 8 cents to $63.44 in London.
CURRENCIES: The dollar fell to 113.41 yen from 113.54 yen on Friday. The euro strengthened to $1.1664 from $1.1618. The pound slid to $1.3088 from $1.3126 as investors worried that British Prime Minister Theresa May is facing a rebellion within her own party over the handling of the Brexit talks.
MARKETS OVERSEAS: In Europe, Germany's DAX shed 0.4 percent, while France's CAC 40 was 0.7 percent lower. London's FTSE 100 was little changed. In Asia, Tokyo's Nikkei 225 fell 1.3 percent, while Hong Kong's Hang Seng gained 0.2 percent. Seoul's Kospi slid 0.5 percent. Sydney's S&P-ASX 200 fell 0.1 percent. India's Sensex lost 0.4 percent. Benchmarks in New Zealand and Jakarta rose, while Taiwan and Singapore declined.