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US stocks drop as oil shares hit

Jan 25 2016 18:49

New York - US stocks retreated early Monday as oil prices fell to start a week with a Federal Reserve policy meeting and earnings from Apple, Boeing and other giants on the schedule.

About 30 minutes into trade, the Dow Jones Industrial Average was at 16 030.13, down 63.38 points (0.39%).

The broad-based S&P 500 shed 8.48 (0.44%) at 1 898.42, while the tech-rich Nasdaq Composite Index fell 12.51 (0.27%) to 4 578.67.

Major companies reporting earnings this week include Apple, Amazon, Procter & Gamble, Caterpillar and Boeing. The Federal Reserve is expected to keep policy unchanged when it concludes a two-day meeting Wednesday.

Oil prices dropped early Monday, snapping a two-day streak of gains, on worries about excess supply.

On the blue-chip Dow, oil giant ExxonMobil fell 0.8%.

Dow member McDonald's rose 2.2 percent as it reported a 9.9% jump in fourth-quarter net income to $1.2bn in part due to the launch of an all-day breakfast menu in the United States.

Tyco International vaulted 6.1 percent after announcing it will merge with Johnson Controls in a deal that shifts Johnson's headquarters for tax purposes to Ireland.

The two companies said combining their products, which include fire and security systems, energy storage and building heating and cooling, will better serve industrial and commercial real estate clients. Johnson Controls fell 2.6%.

Twitter dropped 3.6% as it confirmed that four top executives were leaving the company. Separately, Wall Street 24/7 said fourth-quarter earnings, scheduled for release on February 10, are expected to be "extremely poor."

Kimberly-Clark lost 3.7% as the diaper and tissue maker reported net income of $1.42 per share, a penny short of expectations.

Dow member Caterpillar fell 3.0% as Goldman Sachs downgraded the stock.

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