NEW YORK (CNNMoney)
Stocks open lower -- All three major indices -- the S&P 500, Dow Jones Industrial Average and Nasdaq -- opened moderately lower after the S&P and Dow set fresh records Monday. The Dow is down about 25 points.
While the S&P 500 has had numerous record closes in 2014, it is still about 10% away from its inflation-adjusted peak that it hit in January 1999.
Related: Stock records don't look so good when adjusted for inflation.
Here's the rest of what you need to know:
1. Feast and famine in food stocks: Hillshire Brands (HSH) shares surged nearly 9% after the open after the food company's board of directors authorized takeover discussions with Pilgrim's Pride (PPC) and Tyson Foods (TSN), which are in a bidding war to buy Hillshire. Both Pilgrim's and Tyson shares opened modestly lower.
Krispy Kreme (KKD) shares dropped like dough into a deep fryer after reporting earnings that were in line with expectations but sales that were much lower than Wall Street expected to see. The stock is nearly more than 13%.
2. Tech stocks mixed: Shares in Google (GOOG) were weak, opening down more than 1%, after the Wall Street Journal reported that the tech giant plans to spend over $1 billion on a "fleet of satellites" designed to improve internet access in remote areas.
Apple (AAPL) failed to excite investors after unveiling new products at its Worldwide Developers Conference yesterday including iOS8 and a new health and home-related software. Shares are up 1% in early trading.
Related: How are Google and Apple faring against the rest of the CNN's Tech30?
3. Retailers struggle with sales: Dollar General (DG) shares opened higher despite the retailer reported a modest quarterly gain in sales and profit that failed to meet expectations. Investment bank Sterne Agee & Leach downgraded the stock to "Hold" from "Buy" and lowered its earnings expectations for the company.
Quiksilver (ZQK) shares fell as much as 45% in early trading after a disastrous quarterly earnings report that showed the surf and beach apparel company losing much more money than analysts anticipated.
4. Economic action on auto sales, factories: At 10 a.m. the U.S. Census Bureau will release its latest data on monthly factory orders. Later in the day investors will get a sense of how the auto sector is performing as data on vehicle sales is released for May.
A final reading from HSBC on China's manufacturing activity for May lagged market expectations.
5. Stocks overseas: European markets fell in midday trading following reports of a lower-than-expected Eurozone Consumer Price Index for May ahead of Thursday's meeting of the European Central Bank.
"Inflation, or indeed the lack thereof, is understood to be a key spur for official action," wrote Marc Chandler, currency strategist for Brown Brothers Harriman, in a market report. "It simply reinforces confidence that the ECB will cut rates on Thursday.
Asian markets were mixed.
First Published: June 3, 2014: 10:08 AM ET
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