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Stocks fall after market hit milestones

NEW YORK (AP) -- Stocks were modestly lower in mid-morning trading Monday as investors looked ahead to the start of corporate earnings season. The market gave up some of its gains from late last week, which were driven partly by news of a surge in hiring last month.

KEEPING SCORE: The Dow Jones industrial average lost 43 points, or 0.3 percent, to 17,025 as of 10:45 a.m. Eastern. The Standard & Poor's 500 index lost five points, or 0.3 percent, to 1,980 and the Nasdaq composite fell 12 points, or 0.3 percent, to 4,474.

The Dow closed above 17,000 for the first time Thursday following the strong jobs report. U.S. financials markets were closed Friday for the Independence Day holiday.

EARNINGS BEGIN: Investors will get a sense of how corporate profits are faring as earnings season begins this week. Aluminum mining giant Alcoa reports its latest results on Tuesday and Wells Fargo, the No. 1 U.S. mortgage lender, reports on Friday. Investors are expecting second quarter profits to be up 4.9 percent from a year ago, according to FactSet.

PROMISING RESULTS: BioDelivery Sciences International surged 16 percent after the drug developer said its treatment for severe pain fared better than a placebo in another late-stage study. The company said the trial triggered another $10 million milestone payment from Endo International Plc, which has a licensing agreement with BioDelivery. BioDelivery's stock rose $1.92 to $13.92.

BONDS AND COMMODITIES: In the market for government bonds, the yield on the 10-year Treasury note fell to 2.62 percent from 2.64 percent late Thursday. Bond yields fall when prices rise. U.S. crude for August delivery fell 57 cents to $103.49 a barrel.

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