US close: Stocks end in the red after recent winning streak
US stocks ended lower on Monday, pulling back from the record highs hit last week, with oil prices firmly in focus ahead of a meeting of the Organization of the Petroleum Exporting Countries on Wednesday.
The Dow Jones Industrial Average ended down 0.3%, the S&P 500 fell 0.5% and the Nasdaq closed 0.6% lower, easing back after the main indices closed higher for the third consecutive week last Friday as investors bet that Donald Trump’s plans to boost infrastructure and loosen regulation would underpin the economy.
Meanwhile, oil prices settled higher, bouncing back from the heavy losses suffered after Saudi Arabia said on Friday that it wouldn’t meet with non-OPEC Russia ahead of the OPEC summit in Vienna as originally planned.
The meeting was called off after Saudi Arabia, which is the world’s largest oil producer, said it wouldn’t attend unless there was “a clear decision from OPEC” on production cuts.
West Texas Intermediate was up 1.8% at $46.90 a barrel and Brent crude was 1.7% firmer at $48.04, as investors eyed Wednesday’s OPEC meeting, with sentiment getting a boost after Iraqi oil minister Jabar al-Luaibi said he was “optimistic” OPEC would reach an agreement that is acceptable to all this week.
IG’s Chris Beauchamp said: “It’s only Monday but already we know how the week will go. Oil has been the main driver today, with the price of the commodity seeing plenty of ebb and flow depending on the latest headline crossing the wires.
“Oil traders will need nerves of steel and vast reserves of sanity to weather the storm, but the impact of what comes out of OPEC’s get-together this week is likely to be felt across a range of markets.”
In currency markets, the dollar mostly eased back against its rivals, taking a breather after hitting 13-year highs last week, as investors booked some profits ahead of a data-packed week. The greenback was 0.5% firmer against the pound, but flat versus the euro and 1% lower against the yen.
In corporate news, Time Inc surged following reports the publisher has rejected a takeover bid from billionaire investor Edgar Bronfman Jr.
Schlumberger nudged lower after the oil driller signed a preliminary deal to study an Iranian oil field, while bookseller Barnes & Noble was on the back foot after announcing a 15% discount on online orders as part of Cyber Monday.
Samsung Electronics bucked the trend following reports it is considering splitting into two companies.
S&P 500 - Risers
Cognizant Technology Solutions Corp. (CTSH) $56.95 +6.95%
NRG Energy Inc. (NRG) $11.55 +5.48%
Newmont Mining Corp. (NEM) $33.45 +4.79%
Public Service Enterprise Group Inc. (PEG) $42.80 +3.26%
Consolidated Edison Inc. (ED) $72.65 +2.82%
AES Corp. (AES) $11.94 +2.67%
Wisconsin Energy Corp. (WEC) $58.04 +2.62%
PPL Corp. (PPL) $34.15 +2.49%
Exelon Corp. (EXC) $33.39 +2.49%
PG&E Corp. (PCG) $60.74 +2.45%
S&P 500 - Fallers
H&R Block Inc. (HRB) $21.82 -9.01%
Vulcan Materials Co. (VMC) $124.59 -5.66%
Tenet Healthcare Corp. (THC) $15.41 -4.99%
Pioneer Natural Resources Co. (PXD) $173.03 -4.86%
Marathon Oil Corp. (MRO) $15.54 -4.55%
Martin Marietta Mtrl (MLM) $216.32 -3.99%
Chesapeake Energy Corp. (CHK) $6.34 -3.79%
Devon Energy Corp. (DVN) $42.65 -3.57%
Newfield Exploration Co (NFX) $39.83 -3.49%
Urban Outfitters Inc. (URBN) $32.41 -3.43%
Dow Jones I.A - Risers
McDonald's Corp. (MCD) $121.82 +0.96%
Verizon Communications Inc. (VZ) $51.12 +0.89%
International Business Machines Corp. (IBM) $164.52 +0.85%
Coca-Cola Co. (KO) $41.75 +0.53%
Travelers Company Inc. (TRV) $113.81 +0.32%
Intel Corp. (INTC) $35.51 +0.20%
Walt Disney Co. (DIS) $98.97 +0.15%
Microsoft Corp. (MSFT) $60.61 +0.13%
Dow Jones I.A - Fallers
Visa Inc. (V) $79.08 -1.31%
American Express Co. (AXP) $72.13 -1.00%
Nike Inc. (NKE) $51.01 -0.99%
Caterpillar Inc. (CAT) $94.90 -0.95%
Johnson & Johnson (JNJ) $113.13 -0.88%
Exxon Mobil Corp. (XOM) $86.47 -0.75%
Home Depot Inc. (HD) $130.64 -0.71%
Merck & Co. Inc. (MRK) $61.80 -0.66%
JP Morgan Chase & Co. (JPM) $78.32 -0.65%
General Electric Co. (GE) $31.25 -0.60%
Nasdaq 100 - Risers
Cognizant Technology Solutions Corp. (CTSH) $56.95 +6.95%
NetEase Inc. Ads (NTES) $231.78 +2.07%
Baidu Inc. (BIDU) $167.00 +1.56%
Yahoo! Inc. (YHOO) $41.45 +1.42%
JD.com, Inc. (JD) $25.83 +1.14%
Western Digital Corp. (WDC) $62.27 +1.10%
Walgreens Boots Alliance, Inc. (WBA) $85.35 +1.09%
Monster Beverage Corp (MNST) $45.29 +0.98%
Alphabet Inc. Class C (GOOG) $768.24 +0.86%
Seagate Technology Plc (STX) $39.37 +0.77%
Nasdaq 100 - Fallers
Mattel Inc. (MAT) $31.49 -2.81%
Vodafone Group Plc ADS (VOD) $24.53 -2.62%
Liberty Interactive Corporation - Series A Liberty Ventures (LVNTA) $39.01 -2.50%
Incyte Corp. (INCY) $105.17 -2.38%
Viacom Inc. Class B (VIAB) $36.79 -2.26%
Regeneron Pharmaceuticals Inc. (REGN) $390.38 -1.95%
TripAdvisor Inc. (TRIP) $50.18 -1.93%
Liberty Interactive Corporation QVC Group (QVCA) $21.71 -1.81%
Amazon.Com Inc. (AMZN) $766.77 -1.74%
QUALCOMM Inc. (QCOM) $67.10 -1.74%