Published: Jan 07, 2013 11:08 AM EST


NEW YORK (AP) - Stocks are opening lower on Wall Street, pulling the S&P 500 index down from a five-year high it reached last week.

Home improvement retailer Lowe's fell 52 cents to $35.06 after an analyst at Canaccord cut her rating on the stock to "sell" from hold, saying the company's efforts to improve sales are falling short.

Major U.S. companies begin reporting first-quarter earnings this week, beginning Tuesday with the aluminum maker Alcoa.

Bank of America stock is higher. The bank has reached a settlement with Fannie Mae on residential mortgage loans sold by the bank and its Countrywide unit to the agency ahead of the nation's 2008 financial crisis.

The settlement includes a $3.6 billion payment to Fannie Mae.