Stocks Fall After Record Run as Consumer Companies Slip

In this Tuesday, Oct. 25, 2016, photo, a pedestrian walks past the New York Stock Exchange, in lower Manhattan. Uncertainty over whether OPEC countries will back an oil production cut at their upcoming meeting, as intended, weighed on global stock markets on Monday, Nov. 28, 2016. Worries over an upcoming constitutional referendum in Italy also kept investors at bay. (AP Photo/Mary Altaffer)
A pedestrian walks past the New York Stock Exchange. (AP Photo/Mary Altaffer)

U.S. stocks are opening lower Monday after they set records throughout last week. Consumer companies and banks are taking some of the largest losses. Energy companies are climbing as the price of oil jumps.

The Dow Jones industrial average sank 55 points, or 0.3 percent, to 19,097 as of 9:42 a.m. Eastern time. The Standard & Poor’s 500 index fell 6 points, or 0.3 percent, to 2,207. The Nasdaq composite gave up 18 points, or 0.3 percent, to 5,381. The Russell 2000, an index of smaller companies, is down 0.3 percent. That index has risen for 15 days in a row, its longest streak in 20 years. All of those indexes finished at record highs Friday.

Online retail giant Amazon fell $11.26, or 1.4 percent, to $769.11 and toy maker Hasbro lost $2.20, or 2.5 percent, to $85.74. Banks, which have been on a strong run since the election, also traded lower. Citigroup slid 70 cents, or 1.2 percent, to $56.08 and Charles Schwab dropped 46 cents, or 1.2 percent, to $38.53.

The price of benchmark U.S. oil surged $1.02, or 2.2 percent, to $47.08 a barrel in New York. Brent crude, the international standard, rose $1.03, or 2.2 percent, to $49.29 a barrel in London. Among energy stocks, Cabot Oil & Gas picked up 46 cents, or 2 percent, to $23.32 and Range Resources rose 70 cents, or 1.9 percent, to $36.98. Major oil producers from OPEC will meet Wednesday to discuss output cuts to shore up prices.

Germany’s DAX index was down 0.7 percent while the CAC 40 in France fell 0.5 percent. The FTSE 100 index of leading British shares was 0.4 percent lower. Hong Kong’s Hang Seng index also advanced 0.5 percent and Tokyo’s Nikkei 225 gave up 0.1 percent. Seoul’s Kospi added 0.2 percent.

Bond prices edged higher. The yield on the 10-year Treasury note fell to 2.33 percent from 2.36 percent.

The dollar inched higher compared to other currencies. It slipped to 112.65 yen from 113.04 yen. The euro fell to $1.0573 from $1.0592.