Stocks Opened Lower ahead of Economic Data

U.S. stocks opened marginally lower on Monday as investors were cautious ahead of a string of economic data. The Dow Jones Industrial Average lately fell 7.30 points, or 0.03%, to 21,198.99. The S&P 500 was down 2.00 points, or 0.08%, to 2,437.07. The Nasdaq Composite was off 2.14 points, or 0.03%, to 6,303.66.

Oil prices reversed gains to trade down on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production. Brent crude prices was down 30 cents at $49.65 a barrel at 1046 GMT.U.S. West Texas Intermediate futures were at $47.40 a barrel, down 26 cents.

U.S. worker productivity was not as weak as initially thought in the first quarter, but the persistently soft trend is an obstacle to faster economic growth. The Labor Department said on Monday nonfarm productivity, which measures hourly output per worker, was unchanged in the last quarter.

Apple and Amazon are joining a Foxconn bid to purchase Japanese chip giant Toshiba’s NAND manufacturing division, according to Nikkei.