* Oil prices fall 1.9 pct
* SolarCity falls after Tesla says to buy the company
* Fleetmatics jumps after Verizon’s $2.4 bln buyout offer
* Dow down 0.16 pct, S&P down 0.16 pct, Nasdaq up 0.01 pct (Updates to open)
By Tanya Agrawal
Aug 1 (Reuters) - U.S. stocks were slightly lower on Monday as a drop in oil prices weighed on energy stocks.
Oil prices fell 1.9 percent due to increases in OPEC production and U.S. oil rig additions. Oil majors Exxon and Chevron were down 1.5 percent and 1.1 percent, respectively.
The S&P 500 index hit a new intra-day high on Friday for the seventh time in a month, while the Nasdaq ended July with a rise of 6.6 percent.
Growth in U.S. gross domestic product in the second quarter came in below expectations, fuelling speculation that the Federal Reserve may not pull the trigger on interest rates anytime soon.
The chance of a hike by the end of the year fell to about 33 percent after the GDP numbers were released, according to CME Fedwatch, from about 50 percent early last week.
“After the GDP data that we saw last week, the Fed will definitely skip September,” said Peter Cardillo, chief market economist at First Standard Financial in New York.
“However, the underlying strength of the economy is strong as evidenced by the robust consumer spending numbers. August though generally tends to be a wishy-washy month, and the market is expected to move mainly on economic news.”
At 9:44 a.m. ET (1344 GMT), the Dow Jones industrial average was down 28.76 points, or 0.16 percent, at 18,403.48, the S&P 500 was down 3.48 points, or 0.16 percent, at 2,170.12 and the Nasdaq Composite was up 0.75 points, or 0.01 percent, at 5,162.88.
Seven of the 10 major S&P sectors were lower, with the energy index’s 1.71 percent fall leading the decliners.
Diamond Offshore fell 3.5 percent to $21.92 after posting a drop in revenue.
SolarCity fell 5.8 percent to $25.16, reversing from premarket gains, after Tesla said the two companies have agreed to merge. Tesla was down 1.7 percent at $230.80.
AMC Entertainment was down 4.9 percent at $27.99 after the movie theater chain’s second-quarter results missed expectations.
Fleetmatics jumped 39.1 percent to $59.71 after Verizon said it would buy the GPS vehicle tracking company for about $2.4 billion. Verizon was up marginally at $55.52.
Declining issues outnumbered advancing ones on the NYSE by 1,757 to 929. On the Nasdaq, 1,282 issues fell and 1,074 advanced.
The S&P 500 index showed 17 new 52-week highs and no new low, while the Nasdaq recorded 38 new highs and seven new lows. (Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D‘Silva)