NEW YORK (AP) — Stocks are mostly lower Thursday morning as the market gets off to a quiet start in September. Energy companies are falling with the price of oil and weak reports from Costco and Campbell Soup are hurting household goods companies. Materials companies are continuing their recent gains.
KEEPING SCORE: The Dow Jones industrial average fell 34 points, or 0.2 percent, to 18,361 as of 10:25 a.m. Eastern time. The Standard & Poor's 500 index lost 5 points, or 0.3 percent, to 2,164. The Nasdaq composite fell 5 points, or 0.1 percent, to 5,207. Stocks have fallen for five days out of the last six.
MMM MMM MEH: Campbell Soup fell after disappointing results from the company's fresh products unit. The company reported weaker sales of carrots and Bolthouse Farms beverages. The maker of canned soups, Pepperidge Farm cookies and V8 juices has been trying to capitalize on a growing desire for fresh foods. Its stock slid $3.27, or 5.4 percent, to $57.45.
COSTCO CLIPPED: Costco stock fell after the company reported weak sales for the month of August. The wholesale club operator said sales at older stores were unchanged compared to last year, while analysts expected some growth. The stock gave up $4.50, or 2.8 percent, to $157.59.
FLAGGING FORCE: Customer management software developer Salesforce.com reported a greater profit and better sales than expected, but the stock slipped as investors weren't impressed with the company's third-quarter guidance. Its shares fell $4.47, or 5.6 percent, to $74.95.
OIL: Benchmark U.S. crude lost 87 cents, or 1.8 percent, to $43.87 a barrel in New York. Brent crude, used to price international oils, fell 88 cents, or 1.9 percent, to $46.01 a barrel in London. U.S. crude has fallen for three days in a row.
MIXED MANUFACTURING: U.S. manufacturing shrank in August for the first time since February, and in Japan spending on factories and equipment was weaker than expected in the second quarter, partly due to the strong yen.
Chinese factory managers said they expect to do more business and anticipate growth in production and orders. In Britain, manufacturing recovered to a 10-month high after contracting last month.
DRUGMAKER DEAL: Cynapsus Therapeutics, which is developing a potential treatment for symptoms of Parkinson's disease, agreed to be acquired by Sunovion Pharmaceuticals. The deal values Cynpasus at $40.50 per share, or $503 million. Its stock jumped $21.32 to $39.68.
BONDS, CURRENCIES: U.S. government bond prices didn't move much. The yield on the 10-year Treasury note held steady at 1.58 percent. The dollar fell to 103.17 yen from 103.44 yen and the euro rose to $1.1191 from $1.1162.
OVERSEAS: Germany's DAX rose 0.1 percent and France's CAC 40 was up 0.6 percent. Britain's FTSE 100 fell 0.4 percent. Asian markets were mixed. Japan's Nikkei 225 closed 0.2 percent up. Hong Kong's Hang Seng index gained 0.8 percent. In South Korea, the Kospi fell 0.1 percent.