U.S. stocks receded from record highs on Monday as oil weighed on energy shares and investors awaited an avalanche of quarterly reports. Bobbi Rebell reports.
U.S. stocks slipped back from record levels as oil prices fell to two and a half month lows, weighing on energy stocks. The pullback comes just a day ahead of the next Fed policy makers meeting. Jonathan Corpina of Meridian Equity Partners: (SOUNDBITE) JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS, (ENGLISH) SAYING: "We are seeing a light pullback here, but it is nothing to be very concerned about, or panic about, but we do have a very robust week coming up. We do have a pretty good strong economic calendar. A lot of earnings coming out. Everyone is waiting for the Fed. It is the end of the month. So, all of these things are going to be happening in the next four days. So, today the market is taking a little bit of a break ahead of and in anticipation of these next events." Verizon confirmed it will buy Yahoo's core internet properties for close to $5 billion. The move will expand its digital advertising and media business. Apple stock lost ground after BGC downgraded it to sell on concerns about the upgrade rate for the next iPhone. Redbox owner Outerwall is cashing out. Shares rose on news that affiliates of private equity firm Apollo Global Management will buy the company for $1.6 billion. In addition to the Redbox video rental kiosk business, Outerwall also owns Coinstar. In Europe, the major indexes finished out the first session of the week mostly higher, after low cost airline Ryanair issued a bullish outlook despite concerns about Britain's decision to leave the European Union.