Stocks Opened Lower as Oil Prices Slumped

U.S. stocks fell at the open on Monday as oil prices dropped more than 3% and returned back towards $31 a barrel. The Dow Jones Industrial Average lately fell 44.45 points, or 0.28%, to 16,049.06. The S&P 500 shed 6.21 points, or 0.33%, to 1,900.69. The Nasdaq Composite was down 7.90 points, or 0.17%, to 4,583.28.

Brent crude, the global benchmark, was down 83 cents at $31.35 a barrel at 1247 GMT, losing 2.6 percent from its closing price on Friday, when Brent surged 10 percent.

McDonald’s Corp (MCD.N) reported better-than-expected quarterly same-restaurant sales as the launch of all-day breakfasts proved to be a hit with diners in the United States and demand continued to recover in China. Sales at McDonald’s U.S. restaurants open at least 13 months rose 5.7 percent, handily beating the average estimate of 2.7. percent.

Johnson Controls Inc (JCI.N) and Tyco International Plc (TYC.N) announced plans to merge, creating a company with revenue of more than $40 billion that will be based in low-tax Ireland – a sign that market volatility has not derailed strategic mergers.