MARKET SNAPSHOT: U.S. Stocks Edge Lower; Boeing Boosts Dow

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stock inched lower after the market opened on Monday as investors await reports on U.S. service-sector activity and factory orders.

The Dow Jones Industrial Average opened 56 points, or 0.3% higher at 16,526.85. The S&P 500 began the week 5 points, or 0.3% higher at 1,836.56. The Nasdaq Composite was 2 points, or 0.1%, up to 4,134.23 at the open.

At 10 a.m. Eastern, the Institute for Supply Management's non-manufacturing purchasing managers' survey for December is expected to come in at 55%, according to a . Factory orders for November are also due at 10 a.m., with the consensus forecast pointing to 1.6%.

Last week, the ISM manufacturing data showed that the increase in new orders last month was the largest in more than two-and-a-half years, while manufacturing employment accelerated.

The overall improving economy, along with falling unemployment rates and improving housing market, last month prompted the Federal Reserve to begin tapering its monthly asset-buying program by $10 billion to $75 billion last month.

The changing of the guard at the Federal Reserve is expected to be finalized Monday, with the U.S. Senate set to vote on the nomination of Janet Yellen, currently the Fed's vice chair, to lead the central bank.

Boeing Co. (BA) rose 1.4%, leading the Dow average. Late Friday, Boeing's largest union voted to accept a new contract that will keep manufacturing for the planned 777X and its wings in Washington state. Analysts at Bernstein Research reiterated the stock's outperform rating and raised the target price to $165 from $156, noting that under the terms of the new agreement there will be no strikes for the next ten years.

Shares in SolarCity Corp. (SCTY) soared 11.2% after analysts at Goldman Sachs upgraded the stock to buy.

Twitter Inc. (TWTR) shares dropped 5.3% after Morgan Stanley cut shares of the social media company to underweight from equal-weight, with a price target of $33. "As competition for online ad dollars intensifies, we guide investors to Google and Facebook, dominant platforms with more attractive risk/reward," Analyst Scott Devitt wrote.

Sirius XM Holdings Inc. (SIRI) shares soared late on Friday and continue to rise on Monday, trading up 6.4% after Liberty Media offered to buy the satellite radio company in a stock swap that would value the company at $3.68 a share. Liberty already holds a 52% stake in Sirius.

Shares in Apple Inc. (AAPL) were down 1%, after losing 2.2% on Friday in the wake of a rating downgrade. The heaviest-weighted component of the Nasdaq Composite dragged the index down and limited gains on the S&P 500.

The battle among the men's clothing retailers continued Monday, as Men's Wearhouse Inc. (MW) said it began a cash tender offer worth roughly $1.6 billion, in which it would buy Jos. A. Bank Clothiers Inc. (JOSB) shares from current holders at $57.50 a piece. The two clothiers have been exchanging buyout offers for months.

Jos. A. Bank shares were up 4.1% while Men's Wearhouse was up 1.7%.

Asian stocks ended lower after a rising yen hit Japanese equities and concerns over new listings weighed on Chinese stocks. Europe stocks were mixed.