Blue Chips Tick Lower in Early Trading

Updated from 9:24 a.m. EDT

Stocks in New York were easing early Monday as a slight rise in crude oil prices spurred equity buyers to take a break following the rally that ended last week.

The Dow Jones Industrial Average was down 30 points at 11,704, and the S&P 500 was off 3 points at 1294. The Nasdaq was losing 2 points to 2412.

On Friday, U.S. stocks soared as oil continued its recent downtrend, falling 4% and settling at $115.20 a barrel. The Dow surged 302.89 points, or 2.7%, to 11,734.32, and the S&P 500 climbed 30.25 points, or 2.4%, to 1296.31. The Nasdaq was stronger by 58.37 points, or 2.5%, at 2414.10.

As the new week arrived, crude edged higher by 45 cents to $115.65 a barrel as traders kept an eye on the widening military conflict between Russia and Georgia.

Turning to the corporate side, Verizon (VZ Quote), one of the 30 Dow industrials, reached new contracts with two unions and avoided a threatened strike. The company signed tentative three-year deals with the Communications Workers of America and the International Brotherhood of Electrical Workers, which together represent more than 60,000 workers.

Meanwhile, several pieces of merger news were making headlines. A report from the U.K. said that package carrier UPS (UPS Quote) was mulling a $15 billion bid for Dutch rival TNT, but UPS subsequently downplayed the speculation.

Elsewhere, garbage hauler Waste Management (WMI Quote) lifted its takeover offer for Republic Services (RSG Quote) to $6.73 billion. Republic rejected an earlier proposal, and it has been planning to merge with Allied Waste (AW Quote).