August 7, 2017 / 1:53 PM / 7 months ago

US STOCKS-Dow hits record high again; Nasdaq slightly higher

* Rockwell Collins rises on report of United Tech bid

* Tyson higher as quarterly results beat estimates

* Dow off 0.04 pct, S&P down 0.1 pct, Nasdaq up 0.15 pct (Updates to open)

By Tanya Agrawal

Aug 7 (Reuters) - The Dow hit another record high and the Nasdaq opened slightly higher on Monday, while the S&P was little changed.

The Dow closed at a record high for the eighth straight session on Friday, powered by a robust July employment report that showed U.S. employers added more jobs than expected in the month.

The report is likely to clear the way for the Federal Reserve to announce a plan to start shrinking its $4.2 trillion bond portfolio in September, and could strengthen its case to raise rates for the third time this year in December.

“The jobs report was quite well-received on Friday despite suffering the same pitfall that has plagued the US recovery for years, inadequate wage growth,” said Craig Erlam, senior market analyst at online forex broker Oanda.

At 9:36 a.m. ET (1336 GMT), the Dow Jones Industrial Average was down 8.3 points, or 0.04 percent, at 22,084.51, the S&P 500 was down 0.42 points, or 0.01 percent, at 2,476.41.

The Nasdaq Composite was up 9.36 points, or 0.15 percent, at 6,360.92.

Six of the 11 major S&P sectors were lower, with the energy index’s 0.49 percent fall leading the decliners.

Oil prices edged lower, sliding away from nine-week highs, as worries lingered over high production from OPEC and the United States.

Meanwhile, investors will continue to closely track the second-quarter earnings season to see if pricey valuations are justified.

Analysts, on average, expect S&P 500 earnings to have grown 12 percent in the second quarter and they project earnings up 9.3 percent for the September quarter, according to Thomson Reuters I/B/E/S.

The S&P is trading at 18 times expected earnings, compared to its 10-year average of 14, according to Thomson Reuters Datastream.

Shares of United Technologies were down 1.56 percent following a report that the company has submitted an offer to buy aircraft component manufacturer Rockwell Collins. Rockwell was up 5.97 percent.

Warren Buffett’s Berkshire Hathaway was down 1.19 percent after the company reported a drop in second-quarter profit.

Tyson Foods rose 3.74 percent after the No.1 U.S. meat processor reported better-than-expected quarterly profit and sales.

Declining issues outnumbered advancers on the NYSE by 1,345 to 1,091. On the Nasdaq, 1,155 issues rose and 1,115 fell. (Reporting by Tanya Agrawal; Editing by Arun Koyyur and Sriraj Kalluvila)

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