NEW YORK (CNNMoney)
The market is lower with the Dow Jones Industrial Average down about 65 points. The S&P 500 and Nasdaq Composite indexes were also lower with the Nasdaq down about 0.7%. Today's soft start comes after a record-setting close to last week that saw Dow finish above 17,000 for the first time ever. The Dow is hovering right around that level and has dipped below it several times.
This week marks the start of "earnings season," which is when America's biggest companies release updates on their revenues and income and give a peek into the shape of the U.S. economy in the second quarter.
Here are some watch throughout today's trading:
1. The Return of King: King Digital (KING), the company behind the viral monster Candy Crush, has finally opened above its $22.50 IPO price more than three months after it started trading in late March. Shares on that disastrous first day dropped more than 15%. The stock opened about 4% higher this morning before coming back down to trade right around the IPO price.
Related: Investors didn't have much of a sweet tooth when King went public
2. Other tech movers: Expedia (EXPE)'s stock is slightly lower after it announced yesterday that it bought Australian travel website Wotif.com for $658 million. Australia-listed shares in Wotif, which operates throughout Southeast Asia, rose 25% on the news. Expedia is trading at an all-time high of around $82. Several analysts have recently upgraded the stocks price target to above $90.
BlackBerry (BBRY, Tech30)'s shares are up almost 6% this morning. The Economic Times of India reported over the weekend that the company would soon announce a joint health care services platform with tech firm Nathhealth. India is an important market for BlackBerry's Asia Pacific division, which made 15.6% of the firm's revenue in the last quarter.
Related: See how Expedia and BlackBerry compare to the rest of CNNMoney's Tech 30
3. Stock movers: A juicy acquisition: Archer Daniels Midland (ADM), a big food and commodities company, purchased Wild Flavors for about $3.1 billion. Wild makes the popular Capri Sun juice, among other things. ADM's stock is slightly positive in so far in today's trading.
Petsmart may be throwing investors a bone: Petsmart (PETM) stock is slightly higher this morning. The company said vaguely in a filing that it was considering ways to give money back to shareholders, though no concrete plans have been developed.
4. Rate hikes on the horizon? After Thursday's great jobs report, which showed strong employment growth, solid wage growth and a downtick in the unemployment rate, there's increasing speculation among Wall Street economists that the Federal Reserve will increase interest rates sooner than they previously expected.
Economists at Goldman Sachs (GS), JP Morgan (JPM), Bank of America (BAC), Citigroup (C) and Capital Economics all revised their predictions. Some say the rate hike could happen as early as Q3 2015.
If the market misreads the Fed's timing, it could be bad for stocks as investors flee to safer assets.
Related: Check out just how good last weeks' jobs numbers were
5. Overseas markets: European stocks are down in afternoon trading, with the FTSE 100 down about 0.6%. Asian stocks ended the day in mixed territory, though India's Sensex gained 0.5%.
First Published: July 7, 2014: 9:54 AM ET
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