US stocks are trading mixed on Monday as investors believe that the bailout of Irish banks will not be enough to ensure the region's financial stability.
The S&P 500 Index declined 1.64 points, or 0.14 percent, to trade at 1,198.09 at 10:25 a.m. EDT. The Dow Jones Industrial Average declined 26.03 points, or 0.23 percent, to trade at 11,177.52. The Nasdaq Composite Index advanced 0.42 percent.
Over the weekend, the Irish government agreed to request a bailout from the European Union and the International Monetary Fund (IMF), according to official statements from Ireland and the Euro group. The size is likely to be 80 to 90 billion euros.
Moody's Investors Service said on Monday that a multi-notch downgrade of Ireland's Aa2 rating is now the most likely outcome of its credit review as rescue package transfers the burden of banking problem to the state.
The tech sector advanced, led by gains from Netflix and Novell Inc. Netflix surged 7.84 percent after announcing a new streaming-only option, while Novell shares advanced 6.62 percent on news that a private-equity firm agreed to acquire the company for $2.2 billion.
Among the Dow components, Bank of America fell 1.72 percent and JP Morgan declined 1.47 percent, while Hewlett-Packard rose 0.64 percent ahead of fourth quarter earnings due after closing bell.
Green Mountain Coffee Roasters Inc. surged 12.85 percent after the company announced to restate its previous three quarters' overstated pretax income on December 9, 2010.
Shares of Tyson Foods advanced 3.45 percent as the company reported a fourth quarter net income of $208 million or $0.57 per share from a loss of $457 million, or $1.23 per share in the same period a year earlier.
On Friday, US stocks finished a volatile week with modest gains, finishing flat for the week as a whole.
Crude oil futures fell 0.37 percent to $81.68/barrel while gold futures rose 0.24 percent.
The euro declined 0.15 percent to 1.3653 against the dollar and the yen gained 0.12 percent against the greenback.
European stock markets are currently trading lower with FTSE 100 down by 32.20 points, DAX30 down by 1.80 points and CAC 40 down by 24.52 points.