* Bank of America up after profit rises
* Hasbro rises on better-than-expected results
* Oil prices drop weighs on energy stocks
* Indexes down: Dow 0.15 pct, S&P 0.13 pct, Nasdaq 0.2 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Oct 17 Wall Street was lower on Monday morning
as a dip in energy and healthcare stocks more than offset the
boost to financials from Bank of America strong results.
The S&P 500 financial index was the top boost to the
benchmark index, rising 0.16 percent after Bank of America
reported its first profit rise in three quarter and also topped
estimates. The stock was up 0.3 percent.
Oil fell more than 1 percent as a rising U.S. rig count left
investors worrying about the prolonged glut. The energy sector's
0.54 percent drop was the steepest among the 11 S&P
Declines in Merck and Anthem pulled down
the healthcare sector 0.29 percent.
With the third-quarter earnings kicking in in earnest this
week, investors will be hoping corporate America's profits fare
better in the second half of the year than they did in the
Earnings of S&P 500 companies are expected to have dipped
0.4 percent in the third quarter, according to Thomson Reuters
data, but better-than-expected reports could shore up profits
for the period.
"I think we're headed for a bumpy session with earnings
leading the way," said Peter Cardillo, chief market economist at
First Standard Financial in New York.
At 9:44 a.m. ET the Dow Jones Industrial Average was
down 27.49 points, or 0.15 percent, at 18,110.89.
The S&P 500 was down 2.7 points, or 0.13 percent, at
2,130.28 and the Nasdaq Composite was down 10.29 points,
or 0.2 percent, at 5,203.87.
Six of the 11 major S&P sectors were lower.
"It's also a jittery market ahead of the elections and of
course the prospects of a rate hike in December," Cardillo said.
The markets have been struggling to maintain momentum in the
past few weeks amid changing dynamics of the U.S. presidential
elections and varying signals on interest rate hikes.
The benchmark S&P 500 index has been alternating between
losses and gains for the past seven days.
Federal Reserve Vice Chairman Stanley Fischer, who has at
times supported higher interest rates, is scheduled to speak in
New York at 12:15 p.m. ET (1615 GMT).
Also weighing on investor sentiment was a report that showed
U.S. industrial production barely rose in September due to a
decline in utilities production.
Shares of Hasbro were up 5.24 percent at $80.15
after the toymaker reported better-than-expected quarterly
revenue and profit. Shares of larger rival Mattel rose
IBM and video streaming website Netflix are
scheduled to report results after markets close.
Advancing issues outnumbered decliners on the NYSE by 1,485
to 1,157. On the Nasdaq, 1,203 issues fell and 1,053 advanced.
The S&P 500 index showed no new 52-week highs and three new
lows, while the Nasdaq recorded seven new highs and 29 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by