Wall Street opens lower amid earnings, euro news

By msnbc.com news services

U.S. stocks slipped at the start of trading Monday. The Dow Jones industrial average was lately down over 60 points.

Retailers are reporting quarterly earnings. Lowe's Cos. posted profits that were below Wall Street's estimates, pulled down by charges tied to store closings and unfinished projects. The home-improvement retailer's stock dropped on the news.

J.C. Penney Co.'s stock also fell after it reported a quarterly loss early Monday. The department store operator said its results were weighed down by restructuring costs and it lowered its earnings outlook for the rest of the year.

IBM was up nearly 1 percent after the investor Warren Buffett said his firm has been buying the company's stock this year. The purchases have given Berkshire Hathaway Inc. a stake of more than 5 percent in IBM. Berkshire will file a full quarterly update on its holdings Monday afternoon.

Major European markets were lower Monday. New governments are taking over in Greece and Italy, two countries under pressure in the European debt crisis. But plenty of challenges remain. Italy managed to sell five-year bonds to investors and raise $4.1 billion on Monday. But the 6.29 percent interest rate was the highest since 1997.

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Stock indexes closed the week higher last Friday, as it appeared Greece and Italy were making steps toward getting their debt troubles under control. The Dow and the S&P 500 are now positive for the month. The Nasdaq is slightly lower.

For Subscribers

FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

No major economic reports are due out Monday.

The Associated Press contributed to this report.