Stocks Opened Lower as North Korea Tensions Rose

U.S. stocks opened modestly lower on Monday, as investors remained cautious after North Korea conducted its most powerful nuclear test over the weekend. The Dow Jones Industrial Average lately slipped 100.62 points, 0.46%, to 21,886.94. The S&P 500 declined 6.49 points, or 0.26%, to 2,470.06. The Nasdaq Composite dropped 13.71 points, or 0.21%, to 6,421.62.

Crude oil rallied Tuesday, as Gulf Coast refineries powered back up after the disruptions caused by Hurricane Harvey last week. West Texas Intermediate crude oil for October delivery advanced 54 cents, or 1.1%, to $47.83 a barrel. Brent oil rose 10 cents, or 0.2%, to $52.44 a barrel.

The Federal Reserve may have to slow down the pace of interest-rate hikes given the recent low readings for inflation, a key central bank official said on Tuesday. Federal Reserve Governor Lael Brainard pointed out that inflation has not hit the Fed’s 2% annual target over the past five years.

Aerospace supplier United Technologies Corp (UTX) has struck a $30 billion agreement to buy avionics and interiors maker Rockwell Collins Inc (COL), the companies said on Monday, in a deal that bulks up UTC’s power with plane makers by creating one of the world’s largest makers of civilian and defense aircraft components.

The New York Daily News, which bills itself as “New York’s Hometown Newspaper,” has been acquired by newspaper publisher Tronc. The deal was struck for $1 and the assumption of pension and operational liabilities, according to The Chicago Tribune, which is owned by Tronc.