Stocks fell early Monday as investors looked ahead to U.S. corporate earnings. The market gave up some of its gains from late last week, when the U.S. reported robust job gains, underscoring a recent trend of stronger hiring and healthy manufacturing.
KEEPING SCORE: The Dow Jones industrial average lost 56 points, or 0.4 percent, to 16,996 as of 10:06 a.m. Eastern. The Standard & Poor’s 500 index lost seven points, or 0.4 percent, to 1,978 and the Nasdaq composite fell 15 points, or 0.3 percent, to 4,471.
The Dow closed above 17,000 for the first time Thursday following the good news on U.S. jobs growth. U.S. financials markets were closed Friday for the Independence Day holiday.
EARNINGS BEGIN: Investors will get a sense of how corporate profits are faring as earnings season kicks off this week, including aluminum mining giant Alcoa on Tuesday and Wells Fargo on Friday.
PROMISING RESULTS: Shares of BioDelivery Sciences International surged 16 percent after the drug developer said its treatment for severe pain fared better than a placebo in another late-stage study. The company said the trial triggered another $10 million milestone payment from Endo International Plc, which has a licensing agreement with BioDelivery. BioDelivery’s stock rose $1.92 to $13.92.
BONDS AND COMMODITIES: In the market for government bonds, the yield on the 10-year note fell to 2.62 percent from 2.64 percent late Thursday. Bond yields fall when prices rise. U.S. crude for August delivery fell 11 cents to $103.76 a barrel.