Midday Report: Apache Up on Deal Talks; Stocks Slide on Rate Woes

Stocks extended losses at midday trading Monday as markets continued to process the idea that the Federal Reserve could hike rates next month. Over the weekend, San Francisco Fed President John Williams joined the chorus of Fed speakers talking rate hikes, arguing that it made sense to normalize policy as the economy improves. Apache (APA) jumped on reports the company had received and rejected an unsolicited takeover offer. The Houston-based oiler is reportedly working with Goldman Sachs to draft a defense. Cisco (CSCO) announced it has teamed up with Ericsson (ERIC), the world's largest networks company. The partnership is expected to generate more than $1 billion in revenue for each company by the end of 2018.