Home / Business / US stock indexes are edging lower in early trading
Trading Floor at the New York Stock Exchange. (Image: Scott Beale / Laughingsquid.com via Flickr)

US stock indexes are edging lower in early trading

NEW YORK (AP) — Stock indexes were edging lower in early trading Monday as investors worked through several company announcements. Global markets were modestly higher.

KEEPING SCORE: The Dow Jones industrial average slipped 48 points, or 0.3 percent, to 17,748 as of 10:55 a.m. Eastern. The Standard & Poor’s 500 index was down five points, or 0.3 percent, to 2,066 and the Nasdaq composite edged down 16 points, or 0.4 percent, to 4,896.

FIRST CLASS: Virgin America jumped $15.70, or 40 percent, to $54.61 after the company agreed to be bought by Alaska Air Group. Shares of Alaska Air fell $4.00, or 5 percent, to $77.96. JetBlue, which had bid for Virgin as well, fell 40 cents, or 2 percent, to $20.87.

IT’S ELECTRIC: Tesla Motors rose $9.88, or 4 percent, to $247.37 after the company announced it had received 276,000 preorders for its highly anticipated Model 3, which is to be unveiled on Thursday.

OVERSEAS: European stocks were modestly higher. Germany’s DAX gained 0.2 percent, France’s CAC-40 rose 0.5 percent and the U.K.’s FTSE 100 edged up 0.4 percent.

OIL: Oil prices seesawed as investors digested reports that Saudi Arabia would freeze its production only if Iran and other producers agreed to do the same. Benchmark U.S. crude fell 8 cents $36.71 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, lost 23 cents to $38.44 a barrel in London.

U.S. JOBS: The U.S. government said Friday that job growth continued at a strong clip in March, slightly stronger than investors expected and showing employers were confident enough to add staff despite the slowing economy. Employers added 215,000 jobs last month, a solid figure but not enough to keep up with the new job-seekers. More people also looked for work and wages edged higher.

BONDS, CURRENCIES: Bond prices fell slightly. The yield on the 10-year Treasury note rose to 1.78 percent. The euro rose to $1.14 from $1.1392 while the dollar fell to 111.41 yen from 111.73 yen.

In related news, Kuwait to introduce corporate tax as low oil prices bite.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Leave a Reply

Your email address will not be published. Required fields are marked *