Stocks fall as IBM; Dow down 100-plus pts

Brendan McDermid | Reuters Traders work on the floor of the New York Stock Exchange.

Brendan McDermid | Reuters
Traders work on the floor of the New York Stock Exchange.

U.S. stocks opened lower on Monday, extending the S&P 500’s longest weekly loss streak since 2011, after International Business Machines cut its earnings forecast.

“It’s not the entirety of technology. It’s not the entirety of the whole market, but a down 8 percent IBM is going to take the market down,” said Art Hogan, chief market strategist at Wunderlich Securities. “It had started out a splendid Monday morning.”

IBM shares slid in early New York trading after the technology giant and Dow component posted third-quarter earnings short of estimates. Apple gained ahead of reporting results after the close. Halliburton gained after the supplier of oilfield services increased its quarterly dividend.

Read More Early Movers: IBM, VFC, HAL, VRX, HAS, YHOO & more

Symbol
Name
Price
Change
%Change
DJIA Dow Jones Industrial Average 16282.28
-98.13 -0.60%
S&P 500 S&P 500 Index 1883.99
-2.77 -0.15%
NASDAQ Nasdaq Composite Index 4252.15
-6.29 -0.15%

The Dow Jones Industrial Average fell about 0.1 percent lower, with IBM pacing losses that extended to 17 of 30 components.

The S&P 500 dropped roughly 0.1 percent and the Nasdaq erased nearly 0.2 percent.

The dollar rose against other global currencies and the 10-year Treasury note yield declined 3 basis points to 2.166 percent.

On the New York Mercantile Exchange, crude futures for December delivery lost 9 cents, or 0.1 percent, to $81.97 a barrel; gold futures for December rose $5.90, or 0.5 percent, to $1,244.80 an ounce.

On Friday, U.S. stocks rallied, softening a fourth week of losses, as investors bet on further stimulus from central banks and corporations including General Electric and Morgan Stanley reported profits that topped expectations.

Read More S&P 500 posts longest weekly loss streak since 2011

Coming Up This Week:

Tuesday

Earnings: Coca-Cola, McDonald’s, Travelers, Verizon, Discover Financial, Lockheed Martin, VMWare, Harley-Davidson, Intuitive Surgical, Illinois Tool Works, Kimberly-Clark, Six Flags, iRobot, Cree, Omnicom

10:00 a.m.: Existing home sales

Wednesday

Earnings: AT&T, Boeing, Northrup Grumman, EMC, General Dynamics, Norfolk Southern, Abbott Labs, GlaxoSmithKline, Xerox, US Bancorp, Cheesecake Factory, LaQuinta, Varian Medical, Federal-Mogul, Angie’s List, Ryder System, WR Grace, Stanley Black and Decker, Northern Trust, Dow Chemical, ABB, Yelp

8:30 a.m.: CPI

Thursday

Earnings: Microsoft, Amazon.com, Caterpillar, Celgene, Comcast, Daimler, Eli Lilly, General Motors, MMM, Occidental Petroleum, Juniper Networks, Pandora, Altera, Southwestern Energy, Raytheon, Alaska Air, Dunkin Brands, Sonus, Imax, JetBlue, Under Armour, Southwest Air, Credit Suisse, United Continental, Union Pacific, KKR, Alexion Pharma, Dr. Pepper Snapple

8:30 a.m.: Weekly jobless claims

9:00 a.m.: FHFA Home prices

10:00 a.m.: Leading indicators

Friday

Earnings: Bristol-Myers Squibb, Colgate-Palmolive, Ford, UPS, Procter and Gamble, Nasdaq, Delphi Automotive, State Street, Ericsson, Shire

10:00 a.m.: New home sales

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