NEW YORK, USA - US stocks were lower on Monday in cautious trade after the giant private equity firm, Kohlberg Kravis Roberts & Co, announced plans over the weekend to launch a public share offering.
The blue chip Dow Jones Industrial Average was down 44.29 points (0.39 per cent) to 11,326.40 at 1423 GMT (10.23pm Singapore time).
The tech-rich Nasdaq composite had fallen 5.87 points (0.25 per cent) to 2,304.66 and the Standard & Poor's 500 broad-market index had declined 0.77 points (0.06 per cent) to 1,256.99.
Shares dipped after booking modest gains on Friday amid lingering worries about the financial sector.
KKR, famed for engineering the massive 1989 takeover of RJR Nabisco, plans to sells its shares publicly for the first time through a deal which will see it take over its European affiliate.
The private equity giant said on Sunday that it expects its assets to be valued at US$60.8 billion (S$83 billion) as of the end of June, up from US$53.2 billion at the end of 2007.
In other corporate news, telecommunication group Verizon reported better-than-expected quarterly profits Monday of US$1.88 billion dollars, marking a 12 per cent jump from the second quarter of 2007.
Verizon's shares were down 0.7 per cent at US$34.19 dollars.
Traders said they were otherwise bracing for a raft of economic and corporate reports in coming days, including updated surveys on US economic growth and employment.
?Economic news will be a focal point as the week progresses?, said Mr Patrick O'Hare at Briefing.com.
Auto giant General Motors is due to report its latest earnings on Tuesday.
GM has already warned investors to expect 'significant' losses as it battles surging fuel costs and slumping demand for gasoline-guzzling trucks and sport utility vehicles (SUVs).
GM's shares were 1.3 per cent higher at US$12.06.
Rival US automaker Ford unveiled a US$8.7 billion last week. Its shares were unchanged at US$5.05 dollars.
Oil prices showed some limited gains as Iranian President Mahmoud Ahmadinejad said in an interview, released on Monday, with NBC News that 'some powers' are manipulating oil prices and creating a market that is ?not realistic?.
A key New York oil futures contract was up 24 cents at US$123.50 dollars a barrel in morning deals.
Bond prices rose as the yield on the 10-year US Treasury bond fell to 4.056 per cent from 4.111 per cent on Friday and that on the 30-year bond declined to 4.641 per cent against 4.696 per cent. Bond yields and prices move in opposite directions.