Wall Street opens lower as market takes a breather

From wire services , NBC News ? ? ? 2 hrs.

Investors are stepping back after a strong week on major U.S. indexes.

The Dow Jones industrial average is down 27 points at 13,964.30 shortly after the opening bell Monday. The Standard & Poor's 500 index slipped 1.3 points to 1,516.60 and the Nasdaq composite is down 0.9 points to 3,193.

With little in the way of indicators in the U.S. and a light earnings schedule Monday, Europe is weighing on markets.

Greece's farmers launched a campaign of daily anti-austerity highway blockades Monday, as the conservative-led government insisted deep spending cuts are working.

European Union Central Bank President Mario Draghi says that if the euro continues to rise, the trading bloc's monetary policy could shift.

That could be damaging to U.S. exporters.

No economic data or major earnings reports are scheduled, but Federal Reserve Vice Chair Janet Yellen is due to speak about the economic recovery at 1 p.m.

Technical indicators are "looking very good" and could give the market a floor Monday, according to Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

He said the market will pay attention to Yellen's speech, but he doesn't expect any deviation from her traditionally dovish monetary policy stance.

Source: http://www.nbcnews.com/business/wall-street-opens-lower-market-takes-breather-1B8325826

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