US stocks open lower

The Dow Jones Industrial Average fell on the opening Monday as investors reviewed prospects for reopening the economy.

In early trading, the Dow Jones Industrial Average lost 198.60 points, or 0.84 percent, to 23,525.24. The S&P 500 slipped 0.41 percent. But the tech-heavy Nasdaq Composite rose 0.37 percent.

Billionaire investor Warren Buffett, known as the "Oracle of Omaha" for his stock-picking prowess, said last weekend that he had sold all his shares in the US airline industry.

In early trading, American Airlines dropped 8.98 percent. Delta Air Lines fell 7.86 percent. Southwest Airlines lost 5.99 percent. United Airlines skidded 7.42 percent.

The coronavirus pandemic has crushed demand for air travel. In response, airlines have canceled flights and orders for new planes.

Boeing, still troubled by the worldwide grounding of its top-selling 737 MAX following two crashes that killed a total of 346 passengers and crew, lost 4.09 percent in early trading.

J.Crew, a marketer of the preppy look, said it had filed for bankruptcy protection. It's the first major retailer to do so.

The privately held company said it will convert $1.65 billion in debt to equity and has secured $400 million in financing from current lenders. Last year's annual sales totaled about $2.5 billion.

The company operates about 182 J.Crew and 140 Madewell stores, a brand pitched to younger shoppers. J.Crew had indicated an interest in spinning off Madewell in an IPO and using net proceeds to pay down debt, but creditors objected.

``The agreement with our lenders represents a critical milestone in the ongoing process to transform our business with the goal of driving long-term, sustainable growth for J.Crew and further enhancing Madewell's growth momentum," CEO Jan Singer said in a statement.

Brick-and-mortar retailers, pummeled by online shopping, have been hit hard by the coronavirus outbreak as stay-at-home orders turned shopping malls into ghost towns.

J.C. Penney skipped an interest payment. Upscale retailer Neiman Marcus is reportedly seeking financing for its bankruptcy. Macy's plans a phased reopening of its stores nationwide.

Tyson Foods said Monday that second-quarter net income fell 15 percent from the same period a year ago due to production disruptions attributed to the coronavirus outbreak.

The company reported net income of $364 million, or $1.00 a share, compared with $426 million, or 1.17 a share, a year earlier.

In early trading, Tyson fell 7.31 percent.

The price of West Texas Intermediate crude oil, the gauge for US prices, rose 0.35 percent to $19.86 a barrel. Brent crude, the global benchmark, rose 0.57 percent to $26.59 a barrel. The price of oil is a proxy for future economic activity.