Stocks Open Slightly Down with Eyes on Fed, Yields

U.S. stock indexes opened slightly lower Monday, as investors eyed rising Treasury yields and continued to weigh when and how the Federal Reserve will begin to cut back on the flow of monetary stimulus. The Dow Jones Industrial Average lately lost 8.74 points, or 0.06%, to 15,072.73. The S&P 500 fell 0.80 points, or 0.05%, to 1,655.03, while the Nasdaq Composite was up 8.67
points, or 0.24%, to 3,611.45.

A U.S. banking regulator’s probe into JPMorgan’s hiring practices in China will have rival banks scrambling to review their own records, lawyers say, in a market where ties to political and business leaders can be key to winning big deals.

Zillow (Z) is buying the New York City-focused online real estate company StreetEasy for $50 million to strengthen its foothold in on one of the country’s most lucrative markets.

Saks Inc (SKS) on Monday reported a deeper than expected second-quarter loss after disappointing sales of shoes and handbags forced the luxury retailer to mark down prices.It reported same-store sales rose 1.5 percent, well below the 4.5 percent rise  Wall Street analysts had expected. Overall sales rose 0.5 percent to $707.8 million for the quarter.

Spending by tourists in Greece surged in June, central bank data showed on Monday, confirming forecasts that a record summer season could give the debt-laden country a welcome injection of foreign cash. Tourism receipts, the country’s biggest foreign-currency driver, rose 21 percent year-on-year to 1.59 billion euros in June, the first month of Greece’s busy summer
holiday season.

Treasury prices extended a slide Monday from last week, pushing government debt yields up to fresh two-year highs as monetary-policy uncertainty continued to roil the markets. The 10-year Treasury note (ICAPSD:10_YEAR) yield, which moves inversely to price, rose 2 basis points to 2.849%, after climbing as high as 2.878% overnight.

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