Markets cautious after French election

U.S. stocks opened lower Monday with caution setting in given French voters elected a socialist president during the weekend. Francois Hollande will replace President Nicolas Sarkozy, who worked with German Chancellor Angela Merkel to establish new ground rules for government finances in the European Union and pushed for tough austerity budget strategies. Stocks tumbled in parts of Asia, but were mixed in Europe, rising in France and Italy, but falling in Britain, Germany and Sweden. In midmorning trading on Wall Street, the Dow Jones industrial average lost 31.30 points or 0.24 percent to 13,006.97. The tech-heavy Nasdaq composite index gained 0.79 points or 0.03 percent to 2,957.13. The Standard & Poor's 500 index lost 0.42 points or 0.03 percent to 1,368.68. The 10-year benchmark treasury note rose 6/32 to yield 1.865 percent. The euro fell to $1.3052 from Friday's $1.3084. Against the yen, the dollar fell to 79.88 yen from 80.17 yen. In Tokyo, the Nikkei 225 index dropped 2.78 percent, 261.11, to 9,119.14.