Stocks Dipped at the Open Ahead of Key Data

U.S. stocks dipped at the open on Monday as a week packed with data and central bank meetings gets under way. The Dow Jones Industrial Average lately was off 30.72 points, or 0.20%, at 15,528.11. The S&P 500 fell 3.06 points, or 0.18%, to 1,688.59. The Nasdaq Composite fell 1.13 points, or 0.03%, at 3,612.03.

Amazon.com Inc unveiled a new hiring spree on Monday ahead of a visit by President Barack Obama to one of the Internet retailer’s giant distribution warehouses this week. Amazon said it is looking to fill more than 5,000 new full-time jobs at 17 of its fulfillment centers across the United States.

The chief executives of Publicis and Omnicom said they had spoken to major clients about their planned merger and did not anticipate major problems with big advertisers defecting to rivals in the transition period.

Rio Tinto PLC (NYSE:RIO) said Monday it is selling its majority stake in a copper-and-gold mine in Australia for US$820
million to a Chinese resources company, in its latest move to bolster its balance sheet amid a global slowdown in commodities demand.

Retailer Saks Inc. agreed to be bought by Hudson’s Bay Co. for $2.4 billion, in an all-cash deal that is probably as much
about high-end real estate as luxury clothes. Hudson’s Bay (TOR:CA:HBC) agreed to pay $16 in cash per Saks (NYSE:SKS) share, a 4.5% premium to the retailer’s $15.31 Friday closing price.