Stocks Opened Lower after NY Manufacturing Data

U.S. stocks opened lower on Monday as a disappointing reading from the New York-area manufacturing conditions appeared to dampen investor confidence. The Dow Jones Industrial Average lately fell 118.15 points, or 0.68%, to 17,359.25. The S&P 500 was down 9.97 points, or 0.48%, to 2,081.57. The Nasdaq Composite shed 16.03 points, or 0.32%, to 5,032.20.

Manufacturing activity in New York state contracted in August at the fastest pace since the Great Recession, pulled down by sharp declines in new orders and shipments. The Federal Reserve Bank of New York said Monday that its Empire State manufacturing index plunged to minus 14.9 from a positive reading of 3.9 in July. That is the lowest level since April 2009.

The owner of home shopping network QVC is acquiring five-year-old Internet retailer Zulily Inc. for $2.4 billion in cash and stock, the companies said Monday.

Oil futures continued to fall Monday, with selling pressure pulling prices further below the $43-a-barrel mark. Light, sweet crude futures for delivery in September (CLU5) fell 39 cents, or 0.9%, to $42.14 a barrel on the New York Mercantile Exchange.

KKR & Co.’s Samson Resources Corp. plans to file for chapter 11 bankruptcy protection by mid-September after finalizing a restructuring plan with key lenders Friday.

Telsa Motors Inc. shares surged about 5% in premarket trade Monday, after Morgan Stanley raised its price target on the shares by 66% to $465 from $280 and said the company is uniquely positioned to dominate in the emerging world of autonomous technology and driving.