Stocks are mixed in early trading; Lululemon drops
NEW YORK (AP) — Stocks were mixed in early trading Monday, led by declines in energy companies, in a week when the pace of company earnings reports will pick up.
The Standard & Poor’s 500 index fell one point, or 0.1 percent, to 1,842 as of 10:14 a.m. Eastern time. The Dow Jones industrial average was unchanged at 16,436. The Nasdaq composite rose one point to 4,175.
Energy stocks led the declines in the stock market after the price of crude oil fell 60 cents, or 0.6 percent, to $92.12 a barrel. The price of oil is falling amid speculation that global crude supplies will remain plentiful even if demand picks up.
The stock market is getting the year off to a slow start after an exceptionally strong performance in 2013. The S&P 500 is down 0.5 percent so far this year, after climbing almost 30 percent last year. A weak December jobs report that was released Friday has left investors feeling cautious about the economy.
JPMorgan Chase, Wells Fargo and Bank of America are among the big banks that will report fourth-quarter earnings this week. Best Buy and the UnitedHealth group are among the non-financial companies that will report earnings.
“Stocks are still in a wait-and-see mode,” ahead of earnings, said Kate Warne, an investment strategist at Edward Jones, a brokerage firm. “We think we’ll continue to see more signs of strength than weakness, and that’s a positive tone for the market for the year.”
Lululemon Athletica fell $9.64, or 16.2 percent, to $49.88 after the yoga apparel maker said sales have dropped off in January and its fourth-quarter results will be lower than expected.
Beam, the maker of Jim Beam, Maker’s Mark and other liquors jumped $16.09, or 24 percent, to $83.05 after the company announced that it had agreed to be acquired by Japan’s Suntory for $14 billion.