Stocks opened lower on Monday morning, following a positive week that pushed stocks to the best levels of 2016.
Near 9:45 a.m. ET, the Dow was down 80 points, the S&P 500 was down 7 points, and the Nasdaq was down 6 points.
It wasn’t a heavy-hitting morning for earnings, but some key companies missed forecasts. Xerox and private-equity firm KKR both missed estimates.
Xerox fell nearly 8% in early trading, and was among the weakest performers on the S&P 500.
In other news, Valeant has a new CEO. Joseph Papa, who was chief executive of pharma company Perrigo until Sunday, is expected to take over from Michael Pearson early in May. Perrigo shares fell as much as 10%, the most on the S&P 500.
And, Gannett has made an unsolicited offer for Tribune Publishing for $12.24 a share in cash, or $815 million. Gannett, which owns USA Today, said the combination with the owner of the LA Times would cut costs amid an uncertain time for the newspaper industry.
The economic-data calendar is full this week, and you can check out our complete preview of the week here.
At 10 a.m. ET, new home sales numbers are expected, followed by the Dallas Fed’s manufacturing survey at 10:30 a.m.