Stocks Opened Lower on Manufacturing Data

U.S. stocks opened slightly lower on Monday as softer-than-expected manufacturing data weighed on sentiment. Deal news is likely to grab investors’ attention. The Dow Jones Industrial Average lately fell 12.65 points, or 0.07%, to 17,622.09. The S&P 500 was off 1.65 points, or 0.08%, to 2,038.17. The Nasdaq Composite was down 1.22 points, or 0.03%, to 4,687.32.

Industrial production in the U.S. unexpectedly dropped in October, weighed down by declines at utilities, mines and automakers that signal manufacturing started the fourth quarter on a soft footing. Output fell 0.1 percent after a 0.8 percent increase in September that was smaller than previously estimated, figures from the Federal Reserve in Washington showed today.

New York business conditions recovered slightly this month, continuing a choppy pattern in how manufacturers view the economy, according to data released Monday by the Federal Reserve Bank of New York. The Empire State’s business conditions index rose to 10.16 in November after falling steeply to 6.17 in October.

Halliburton Co will buy Baker Hughes Inc for about $35 billion in cash and stock, creating an oilfield services behemoth to take on market leader Schlumberger NV as falling oil prices threaten to erode demand.

The Affordable Care Act’s second enrollment period began Saturday, Nov. 15, and had a lot to prove, with memories of last year’s flawed technological launch of Healthcare.gov top of mind. 100,000 Americans signed up for coverage on Saturday, with many qualifying for federal subsidies that kept their premiums under $100 a month.

Pfizer (PFE) lowered its 2014 profit outlook following its agreement to team up with Germany’s Merck KGaA to develop new cancer treatments. Pfizer now expects full-year earnings per share of $1.40 to $1.49, down from its previous guidance of $1.50 to $1.59.