Stocks opened lower on Monday after McDonald's warned on its second-quarter profit and on concerns that a push by banks to repay government bailouts may divert funds from an economic recovery.

McDonald's Corp fell 3 percent after it warned that second-quarter profit could be reduced by 8 cents to 9 cents a share if foreign exchange rates remained around current levels.

The Dow Jones industrial average <.DJI> fell 60.99 points, or 0.70 percent, to 8,702.14. The Standard & Poor's 500 Index <.SPX> lost 6.21 points, or 0.66 percent, to 933.88. The Nasdaq Composite Index <.IXIC> gave up 15.84 points, or 0.86 percent, at 1,833.58.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)