* Oil prices fall to seven-month lows
* Lennar higher after quarterly profit beats expectations
* Chipotle falls after saying Q2 costs might be higher than
* Indexes down: Dow 0.07 pct, S&P 0.26 pct, Nasdaq 0.24 pct
(Updates to open)
By Tanya AgrawalJune 20 (Reuters) - U.S. stocks opened lower on Tuesday,
slipping from record levels, as oil prices fell 2.5 percent to
seven-month lows and a recovery in technology stocks lost
Oil prices dropped after news of increases in supply by
several key producers, a trend which has undermined attempts by
OPEC and other producers to support the market through reduced
Oil majors Chevron <CVX.N> and Exxon <XOM.N> were down about
1 percent, with the S&P energy sector's <.SPNY> 1.3 percent fall
leading the decliners.
The S&P 500 and the Dow Jones Industrial Average hit record
highs on Monday with tech stocks finding favor again as
investors regained confidence in the economy after upbeat
comments from Federal Reserve officials.
Chicago Fed President Charles Evans said it may be
worthwhile for the U.S. central bank to wait until year-end to
decide whether to raise rates again.
New York Fed head William Dudley said inflation was a bit
low but should rise alongside wages as the labor market
continues to improve.
On Tuesday, Boston Fed President Eric Rosengren said that
the era of low interest rates in the United States and elsewhere
poses financial stability risks and that central bankers must
factor such concerns into their decision-making. [nN9N1IS003]
At 9:37 a.m. ET (1337 GMT), the Dow Jones Industrial Average
<.DJI> was down 15.95 points, or 0.07 percent, at 21,513.04, the
S&P 500 <.SPX> was down 6.43 points, or 0.26 percent, at
The Nasdaq Composite <.IXIC> was down 14.71 points, or 0.24
percent, at 6,224.30.
The S&P technology sector <.SPLRCT>, which fell for two
straight weeks on worries about the sector's valuation, was
little changed in early trading. Tech stocks have led the S&P
500's rally this year.
Among stocks, Lennar <LEN.N> rose 3.2 percent to $54.40
after the No. 2 U.S. homebuilder reported a higher-than-expected
quarterly profit. [nL3N1JH3HY]
Chipotle <CMG.N> fell 4.3 percent to $439.13 after the
burrito chain said its operating costs in the second quarter
will be slightly higher than the first quarter.
Parexel International <PRXL.O> was up 3.8 percent to $87.11
after private equity firm Pamplona Capital is nearing a deal to
acquire the pharmaceutical research services provider for more
than $4.5 billion. [nL3N1JH32B]
Declining issues outnumbered advancers on the NYSE by 1,856
to 680. On the Nasdaq, 1,497 issues fell and 782 advanced.
(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)
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Keywords: USA STOCKS/ (UPDATE 2)