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US stocks dip ahead of ECB, jobs report

New York - Wall Street stocks dipped early on Monday at the start of a news-jammed week that includes a European Central Bank meeting and a US jobs report.

About 35 minutes into trade, the Dow Jones Industrial Average stood at 17 766.02, down 32.47 points (0.18%).

The broad-based S&P 500 shed 3.88 (0.19%) to 2 086.23, while the tech-rich Nasdaq Composite Index lost 3.30 (0.06%) at 5 124.22.

Bourses in Paris and Frankfurt were lifted by expectations the ECB will enact new stimulus measures Thursday.

That comes as the markets increasingly believe the US Federal Reserve will hike benchmark interest rates in December, a move that will be seen as more likely if Friday's US jobs report is solid.

Other highlights this week include congressional testimony by Fed Chair Janet Yellen, a conference of global leaders on climate change in Paris and a meeting of the Organization of the Petroleum Exporting Countries.

Early data on holiday shopping point to more growth in e-commerce with the National Retail Federation estimating that more than 103 million American consumers shopped online over the Thanksgiving weekend, compared with just under 102 million in stores.

Online shopping giant Amazon gained 0.4%, while consumer electronics chain Best Buy advanced 1.2%.

Big-box stores Wal-Mart Stores and Target lost 1.1% and 1.2%. Other retailers whose shares fell included Macy's and Gap, which shed 1.6% and 1.5% respectively.

Office supply chain Office Depot fell 3% and its rival Staples lost 1.6% following a New York Post report that US antitrust regulators will try to block their merger.

Teva Pharmaceutical Industries fell 2.3% on news it plans to issue $6.75bn in new equity to finance its purchase of Allergan's worldwide generic pharmaceuticals business.

Yoga-attire maker Lululemon Athletica sank 5.9% following a downgrade from FBR Capital Markets.

Lockheed Martin fell 2.6% following a downgrade from Barclays.

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