Monday, December 8, 2014
Stocks Open Lower This Morning
U.S. stocks are off this morning, with benchmarks retreating from records, as trade numbers from China came in below expectations and oil companies were knocked by the falling price of crude.
Chinese overseas shipments climbed 4.7 percent from a year earlier in November, the customs administration said.
Separately, Japan's economy contracted more than anticipated in the third quarter.
McDonald's fell in early New York trading after the fast-food chain reported global comparable sales declined 2.2 percent last month. Merck & Co. said it would acquire Cubist Pharmaceuticals in a deal valued at $9.5 billion.
Oil companies were under pressure as crude dropped to another five-year low.
The Dow Jones Industrial Average opened about 0.3 percent in decline.
The S&P 500 fell 0.3 percent.
The Nasdaq dropped more than 0.3 percent.
The U.S. dollar declined against the currencies of major U.S. trading partners; the yield on the 10 year Treasury note fell 2 basis points to 2.2924 percent.
Gold futures for February delivery rose $7.20, or 0.6 percent.