Retailers and other consumer companies moved lower as consumer discretionary stocks led decliners.
Investors turned their attention to earnings reports expected from retail giants this week. Major retailers including Walmart and Home Depot are due to report earnings on Tuesday.
Hasbro shares fell nearly 10% as Bank of America analysts double downgraded the stock to underperform from a buy rating, saying that the company is overproducing the Magic: The Gathering card game.
Tyson Foods said earnings fell sharply in its fiscal fourth quarter with profit from its beef business down by nearly two-thirds as demand for premium cuts dried up from elevated levels a year ago. Tyson's chicken business, however, swung to a profit from a year earlier, with prices up 18.2%, helping to offset higher feed and other costs.
Tyson Chief Financial Officer John R. Tyson apologized again after his arrest last week, and the company said its board was launching a review of the incident.
The trial over Elon Musk's multibillion-dollar pay package at Tesla kicked off Monday morning in Delaware's business-law court. A Tesla shareholder, Richard Tornetta, is seeking to nullify Mr. Musk's 2018 compensation grant, valued at around $52 billion at recent share prices.
The plaintiff is alleging that the board at the time failed to disclose crucial information about the package to shareholders, who signed off on it.
The chief executive of Newman's Own Foundation is preparing to leave, and the nonprofit has been searching for a new leader, as the organization contends with a legal challenge by members of the late Paul Newman's family.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
11-14-22 1701ET
