Stocks are trading lower, but ultimately little changed, to start the week.
Near 10:00 a.m ET, the Dow was down 33 points, the S&P 500 was down 5 points, and the Dow was down 13 points.
Stocks fell on Friday after the May jobs report showed the economy added 280,000 jobs, more than expected.
In a morning note, Mike van Dulken, head of research at Accendo Markets, wrote, “Equity markets [are] trading around breakeven as they continue to digest Friday’s US Jobs report and its implications on the timing of a looming Fed rate rise.”
Deutsche Bank shares rallied more than 6% after co-CEOs Anshu Jain and Jürgen Fitschen quit over the weekend, replaced by John Cryan.
McDonald’s reported that US same-store sales fell more than expected in May. Sales at McDonald’s stores open for at least a year fell 2.2% in May compared to the prior year, more than the 1.7% decline that was expected. It will only disclose these numbers for one more month.
Markets in Turkey are getting smoked after president Tayyip Erdoğan lost big to the opposition party in elections.
The Turkish lira fell to a record low, and was down against virtually every other currency. And, the Turkish stock opened more than 8% lower in Istanbul.
No major economic data is on tap today.