The major averages were lower in early afternoon trading, led by oil and mining stocks, as crude and gold prices fell.
The Dow Jones industrial average and the S&P 500 were each down 0.6%, while the Nasdaq slipped 0.3%. Volume in the stock market today was up slightly on both the Nasdaq and the NYSE compared to the same time Friday.
Oil dropped 2% to less than $44 a barrel, and gold slipped 0.4%. Chevron (CVX) and ExxonMobil (XOM) slid 2% each to lead the Dow lower.
Facebook (FB) erased early losses and briefly retook a 121.18 buy point of a flat base, but is currently trading down 0.1% at 120.86. Facebook initially cleared the entry on July 2, but volume was light.
Facebook is due to report Q2 results after the market closes on Wednesday. Profit for the period is expected to rise 62% to 81 cents a share on a 49% increase in revenue to $6.01 billion.
IBD'S TAKE: How does Facebook stack up vs. Alphabet and other Internet-Content stocks? Find out at IBD Stock Checkup.
Yahoo (YHOO) was down nearly 3% in heavy volume after Verizon (VZ) announced a long-awaited dealto buy the internet giant's core assets for $4.8 billion.
Verizon dipped 0.8% and is still in buying range from a 54.59 entry of a cup base.
Telecom stocks were among the day's best performers.
Lumentum (LITE), a provider of lasers and optical communications products, jumped more than 8% to a new high in heavy volume after analysts at Needham upgraded the stock to strong buy from buy and raised their price target to 40 from 35. Lumentum smashed above a 28.01 buy point.
Acacia Communications (ACIA) jumped 5% and has risen more than 170% past its May IPO price of 23.
