Stocks Opened Lower after Weaker Durable-good Data

U.S. stocks opened modestly lower on Wednesday, as investors assessed weaker-than-expected durable-goods orders and focused on the merger between Kraft and Heinz. The Dow Jones Industrial Average lately slipped 57.65 points, or 0.32%, to 17,953.49. The S&P 500 was down 2.10 points, or 0.10%, to 2,089.40. The Nasdaq Composie lost 23.50 points, or 0.47%, to 4,971.23.

Orders for durable goods unexpectedly dropped in February, a sign the slowdown in global growth may be weighing on American manufacturers. Bookings for goods meant to last at least three years declined 1.4 percent after a 2 percent gain in January that was smaller than previously estimated, data from the Commerce Department showed Wednesday.

Kraft Foods Group Inc. (KRFT) and H.J. Heinz Co. on Wednesday announced they will merge to create The Kraft Heinz Co. The combined entity will be the third-largest food-and-beverage company in North America. Warren Buffett says Berkshire Hathaway will have $9.5 billion worth of common stock in the newly merged H.J. Heinz-Kraft Foods company.

A forecast-beating survey of German business morale helped push the euro higher against the dollar on Wednesday, pegging back European stock markets.

Oil markets were volatile on Wednesday with major price benchmarks diverging as investors weighed a weaker dollar against expectations that U.S oil supplies will hit a fresh record. On the New York Mercantile Exchange, light, sweet crude futures traded at $47.43 a barrel, down 0.2% from Tuesday’s settlement.