April Webinar RegistrationApril Webinar Registration


Stocks Open Lower; Brexit In Focus; Financials Pressured Again

World stock markets were stormy again Monday amid more Brexit fallout. (© Michal Kolodziejczyk/stock.adobe.com)

The stock market opened with more losses Monday on the heels of last week's Brexit news that raised the market uncertainty needle even higher.

Ahead of the open in the stock market today, Dow component Intel (intINTC) opened down 1% after the Financial Times reported the chipmaker is considering selling its Intel Security unit, including McAfee, which it bought in 2010 for nearly $8 billion.

The S&P 500 and Dow Jones industrial averages fell 1.3% shortly after the market open, while the Nasdaq lost 1.4%.

European markets were likewise soft, with the Paris CAC-40, German DAX and London's FTSE 100 showing losses of 2% apiece in afternoon trading.

After plunging 27.5% Friday, Royal Bank of Scotland (RBS) lost 14% Monday in the opening minutes of trading. Barclays (BCS) slumped 21%, bringing Barclays' two-day decline to 43%. On the home front, the SPDR S&P Bank ETF (KBE) lost 3%.

On the mergers front, Medtronic (MDT) fell nearly 2% on news it's acquiring HeartWare International (HTWR) for around $1.1 billion. Shares of HeartWare soared 92% in early trading.

A couple of smaller deals made headlines, with Dentsply Sirona (XRAY) agreeing to buy privately held dental implant systems manufacturer MIS Implants Technologies for $375 million. Meanwhile, People's United (PBCT) scooped up Suffolk Bancorp (SCNB) for around $400 million.

The U.S. 10-year Treasury yield slumped another 9 basis points to 1.47%. West Texas Intermediate crude oil for August delivery fell just over 2% to $46.54 a barrel.