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Energy stocks slump, leading US market mostly lower; Tyson Foods slumps after cutting outlook

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NEW YORK — U.S. stocks edged lower on Monday, led by a slumping energy sector as the price of oil continued to fall. Investors were also watching the latest earnings releases. Tyson Foods slumped after cutting its earnings outlook for the year.

KEEPING SCORE: The Standard & Poor's 500 index was down one point, or 0.1 percent, at 2,102 as of 11:18 a.m. Eastern. The Dow Jones industrial average dropped 71 points, or 0.4 percent, to 17,618. The Nasdaq composite rose four points, or 0.1 percent, 5,133.

ENERGY: Benchmark U.S. crude shed 70 cents to $46.42 a barrel on the New York Mercantile Exchange, near its lowest price in more than four months. The price of oil slumped 21 percent in July on evidence of a global supply glut and speculation that global demand is set to weaken.

GREEK COLLAPSE: Greece's stock market sank 16 percent as it reopened from a month-long shutdown brought on by the near collapse of the country's financial system during its high-wire bailout negotiations.

A survey published Monday showed the damage caused to the Greek economy in July by the bank closures, money controls and uncertainty over the country's future.

PHOTO: Traders Anthony Riccio, left, and Michael Urkonis work on the floor of the New York Stock Exchange, Monday, Aug. 3, 2015. Stocks are opening slightly lower in the U.S. as energy companies slide along with the price of crude oil. (AP Photo/Richard Drew)
Traders Anthony Riccio, left, and Michael Urkonis work on the floor of the New York Stock Exchange, Monday, Aug. 3, 2015. Stocks are opening slightly lower in the U.S. as energy companies slide along with the price of crude oil. (AP Photo/Richard Drew)

Financial information company Markit said its gauge of manufacturing activity in Greece plummeted in July to the lowest reading ever recorded, despite improvements across the rest of the 19-country eurozone. A separate survey showed that business and consumer confidence fell for a fifth consecutive month in July to its worst level since October 2012.

BEEF AT TYSON FOODS: Tyson Foods slumped $4.17, or 9.3 percent, to $40.22 after cutting its outlook for fiscal 2015 earnings. The meat producer, which owns the Jimmy Dean breakfast sausage brand, blamed conditions in the beef market for its woes, citing high cattle costs and "export issues," as factors that were hurting its profits.

EUROPE'S DAY: Other European stock markets mostly rose as investors shrugged off the plunge in Greece. Asian shares closed lower on evidence of weakness in Chinese manufacturing. Germany's DAX rose 1.1 percent and France's CAC 40 gained 0.6 percent. Britain's FTSE 100 edged down 0.2 percent.

MANUFACTURING: A survey Monday showed that U.S. factories were a little less busy last month. The Institute of Purchasing Managers' manufacturing index slipped to 52.7 last month from 53.5 in June. Economists had expected the index to remain unchanged. Any reading above 50 indicates growth.

Investors are following this month's economic reports very closely to see if the economy is strengthening sufficiently for the Federal Reserve to raise interest rates later this year.

CURRENCIES AND BONDS: The dollar strengthened to 124 yen from 123.91 yen Friday. The euro inched down to $1.0964 from $1.1010. Bond prices rose. The yield on the 10-year benchmark Treasury note fell to 2.17 percent from 2.18 percent Friday.

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