NEW YORK (AP) – U.S. stock indexes moved mostly lower in early trading Monday after the market reached a record high last week. Campbell Soup fell after the company said its 2015 income would miss expectations. Yahoo, which owns a stake in Alibaba, rose in anticipation of the giant Chinese technology company going public.
KEEPING SCORE: The Dow Jones industrial average fell 14 points, or 0.1 percent, to 17,121 as of 9:57 a.m. Eastern. The Standard & Poor’s 500 index lost two points, or 0.1 percent, to 2,005 and the Nasdaq composite rose eight points, or 0.2 percent, to 4,591.
ALI-BUSTER: China’s Alibaba Group is seeking to raise up to $24.3 billion from its initial public offering, which would be the largest of all time. Alibaba Group is expected to make its long-awaited debut on the New York Stock Exchange later this month. Yahoo was an early investor in Alibaba and owns 23 percent of the company. Yahoo rose $1.11, or 3 percent, to $40.70.
LUKEWARM SOUP: Campbell Soup fell $1.19, or 3 percent, to $43.35 after the company reported sales that were slower than analysts were expecting. Campbell also expects its earnings to be slow next year.
BRITAIN IN FOCUS: The British pound sank to a low of $1.616, its lowest level since November. A YouGov poll showed rising support for Scottish independence, which has stoked investor concerns. Stocks in London, particularly those with links to Scotland, fell. Britain’s FTSE 100 index lost 0.6 percent.