Stocks Opened Lower, Oil Fell Below $49

U.S. stocks opened lower on Tuesday, as investors were cautious ahead of the closely watched U.S. jobs report on Friday along with a sharp drop in crude-oil prices weighed on risk appetite. The Dow Jones Industrial Average lately lost 103.20 points, or 0.57%, to 17,846.17. The S&P 500 fell 15.50 points, or 0.74%, to 2,087.45. The Nasdaq Composite dropped 43.64 points, or 0.90%, to 4,818.92.

Oil fell below $49 a barrel on Tuesday, pressured by concerns that a potential slowdown in economic growth could sap demand and by persistent signs of abundant supply despite another militant attack on Nigeria’s oil industry. Brent crude was down $1.19 at $48.91 a barrel at 1309 GMT. U.S. crude was down $1.35 at $47.64 a barrel.

Shale producers are tapping their crown jewel assets in response to the latest oil price rally, according to Morgan Stanley.The recovery in crude to close to $50 per barrel has encouraged shale producers to double down on their most profitable fields — a process known in oil country as high grading.

Hostess Brands LLC on Tuesday said it reached an agreement to be taken public in a deal valuing the snack-cake company at about $2.3 billion, including debt, two years after it emerged from bankruptcy.

Bristol-Myers Squibb Co. said Tuesday that it had acquired Sweden-based Cormorant Pharmaceuticals for up to $520 million, the drugmaker’s latest deal involving products that harness the immune system to attack cancerous tumors.