New York - US stocks fluctuated, after the Standard & Poor’s 500 Index closed at a record, as investors considered corporate deals and data showing a manufacturing gauge unexpectedly advanced.
Integrys Energy jumped 15 percent after Wisconsin Energy agreed to pay $5.7 billion for the company.
Micros Systems rose 3.1 percent as Oracle offered to buy it for a $68 a share.
General Electric was little changed after clinching the $17 billion purchase of Alstom SA’s energy assets, its biggest acquisition ever.
The S&P 500 slid 0.1 percent to 1,960.78 at 9:51 a.m. in New York.
The Dow Jones Industrial Average fell 37.82 points, or 0.2 percent, to 16,909.26.
The S&P 500 rose 1.4 percent last week, the most in two months, closing at an all-time high of 1,962.87.
The Dow average also ended the week at a record.
Federal Reserve Chair Janet Yellen said accommodative monetary policy, rising property and equity prices and the improving global economy should lead to above-trend growth.
Yellen emphasised the need to put more Americans back to work and downplayed concerns about asset-price bubbles and incipient inflation.
A Markit Economics report showed a measure of US manufacturing growth rose to 57.5 in June from 56.4 in May.
Economists in a Bloomberg News survey estimated a decline to 56.0.
A reading above 50 signals expansion.
A National Association of Realtors release at 10 a.m. will show that sales of previously-owned US homes climbed to a 4.74 million annualised rate in May from a 4.65 million rate the previous month, according to economist projections.
The Chicago Board Options Exchange Volatility Index, the gauge of S&P 500 options prices known as the VIX, rose 3.9 percent to 11.27.
The measure is trading near its lowest level since 2007.
Eight of the 10 main S&P 500 groups retreated today, with phone stocks dropping 0.3 percent to pace declines.
Energy shares advanced 0.3 percent.
Integrys Energy soared 15 percent to $70.15. Wisconsin Energy said it will acquire Integrys for $5.7 billion in cash and stock to nearly double its number of customers and increase revenue.
Micros climbed 3.1 percent to $67.83.
Oracle agreed buy the company for about $4.6 billion as chief executive Larry Ellison seeks to reignite slowing growth by adding software for hotels and restaurants.
Oracle added 0.5 percent to $41.04.
GE slipped 0.2 percent to $26.91.
Chief executive Jeffrey Immelt, approaching 13 years on the job, prevailed over a bid from Siemens AG and initial French opposition.
Buying Alstom’s gas-turbine operations and creating joint ventures in the steam turbine, renewable energy and electrical-transmission businesses will help his push to return GE to its industrial roots.
Lululemon Athletica Inc. rose 3.3 percent to $41.56 as the yoga-clothing maker said it is working to improve its product line and improve value for shareholders. - Bloomberg News