Stocks Opened Lower after Durable Goods Data

U.S. stocks opened marginally lower on Monday, as market reaction to data on durable goods, which came in slightly above expectations, was muted. The the Dow Jones Industrial Average lately slid 27.73 points, or 0.13%, to 20,794.03. The S&P 500 declined 2.30 points, or 0.10%, to 2,365.04. The Nasdaq Composite shed 5.82 points, or 0.10%, to 5,839.48.

Orders for U.S. durable goods rebounded in January, a sign companies remained upbeat at the start of the year. Bookings for goods meant to last at least three years rose 1.8 percent after a 0.8 percent decrease in December, Commerce Department data showed Monday. Bookings for non-military capital goods excluding aircraft unexpectedly fell 0.4 percent after a 1.1 percent jump in the prior month that was larger than previously estimated.

Crude futures drifted marginally higher on Monday, but trading was largely tepid as investors saw little reason to rush back to the market. Light, sweet crude futures for delivery in April was up $0.34, or 0.6%, to $54.33 a barrel. April Brent crude rose $0.40, or 0.7%, to $56.43 a barrel.

La Jolla Pharmaceutical Co. (LJPC), the drug maker, announced positive results from a phase 3 trial of its hypotension treatment. The company said LJPC-501 showed a “highly statistically significant” target blood pressure response.