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Stocks began the day in positive territory but saw their highs shortly after the open. The averages quickly moved back below the flat line, after which they drifted with little in the way of a catalyst to get the market moving amid the summer doldrums. Investors will be watching the Jackson Hole conference, which began today and will feature speeches from Fed Chair Janet Yellen and ECB President Mario Draghi tomorrow. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 234,000 in the third week of August, compared to the consensus forecast for 238,000 first-time claims. Existing home sales declined 1.3% to a 5.44M home rate in July, which was worse than expected. COMPANY NEWS: Shares of multiple grocers dropped after Amazon (AMZN) said that its acquisition of Whole Foods Market (WFM) will close on Monday, August 28. As part of the announcement, Amazon said that Whole Foods will offer lower prices starting Monday on a selection of grocery staples across its stores, with more to come. After the announcement, shares of Wal-Mart (WMT), Target (TGT), Kroger (KR), Sprouts Farmers Market (SFM), Costco (COST) and Supervalu (SVU) fell between 2% to 8%... Shares of HP Inc. (HPQ) advanced about 3% after the company reported in-line earnings, revenue that beat estimates and raised the low end of its guidance. MAJOR MOVERS: Among the noteworthy gainers after earnings were Abercrombie & Fitch (ANF) and Signet Jewelers (SIG), which each advanced about 17%. Also higher was Beacon Roofing (BECN), which gained 10% after it agreed to acquire Allied Building Products from CRH (CRH) for $2.625B in cash. Among the notable losers were Hormel (HRL) and J.M. Smucker (SJM), which each fell after cutting their guidance. INDEXES: The Dow fell 28.69, or 0.13%, to 21,783.40, the Nasdaq lost 7.08, or 0.11%, to 6,271.33, and the S&P 500 declined 5.07, or 0.21%, to 2,438.97.

Stocks opened in positive territory but were unable to hold their opening gains. The S&P has traded in a narrow range on either side of unchanged, but has begun to slide further near midday. Oil prices have moved lower as well, dipping 2% to fall below $48 a barrel. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 234,000 in the third week of August, compared to the consensus forecast for 238,000 first-time claims. Existing home sales declined 1.3% to a 5.44M home rate in July, which was worse than expected. COMPANY NEWS: Shares of HP Inc. (HPQ) have advanced about 4% after the company reported in-line earnings, revenue that beat estimates and raised the low end of its guidance... Two food producers, Hormel (HRL) and J.M. Smucker (SJM), are tanking after each of the suppliers of grocery store staples cut their full year outlook. J.M. Smucker blamed its revised guidance on lower than anticipated results in the first quarter and lower pricing for the remainder of the fiscal year, primarily attributed to U.S. coffee, while Hormel cited earnings pressure from higher input costs for key raw materials. Near noon, Hormel shares fell 6% and J.M. Smucker shares were down 7%. MAJOR MOVERS: Among the noteworthy gainers after earnings were Abercrombie & Fitch (ANF),, Guess (GES), Signet Jewelers (SIG), and which advanced a respective 17%, 17.5% and 20%. Also higher was Beacon Roofing (BECN), which gained 11% after it agreed to acquire Allied Building Products from CRH (CRH) for $2.625B in cash. Shares of CRH trading in New York rose 4% after the news. Among the notable losers was Toro Company (TTC), which dropped 6% after it reported quarterly earnings and provided guidance for fiscal 2017. Also lower was Broadcom (AVGO), which fell 2% after China conditionally approved the company's proposed acquisition of Brocade (BRCD). Brocade was about 1% lower after the news. INDEXES: Near midday, the Dow was down 5.05, or 0.02%, to 21,807.04, the Nasdaq was down 18.83, or 0.3%, to 6,259.58, and the S&P 500 was down 2.52, or 0.1%, to 2,441.52.