Stocks followed their best month since 2020 with a muted session. The Dow shed 46 points, while the Nasdaq and S&P 500 finished modestly below breakeven as well, as sinking oil prices weighed on energy stocks. Better-than-expected manufacturing data from the Institute for Supply Management (ISM) helped soften the blow, but the 10-year Treasury yield pivoted lower as the day progressed, and investors became concerned about the economy. Elsewhere, the Cboe Volatility Index (VIX) snapped its three-day losing streak.
The Dow Jones Average (DJI - 32,798.40) fell 46.7 points or 0.1% for the day. Boeing (BA) led the gainers, adding 6.1%. Chevron (CVX) paced the laggards, falling 2%.
The S&P 500 Index (SPX - 4,118.63) shed 11.7 points or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,368.98) lost 21.7 points, or 0.2% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 22.84) added 1.5 points or 7.1% for the day.
GOLD PRICES NOTCH 4-STRAIGHT AS OIL PRICES SINK
Oil prices finished sharply lower on Monday, as investors eyed the Organization of Petroleum Exporting Countries and its allies (OPEC+) meeting on Wednesday. Plus, investors were concerned a potential recession may weigh on demand. September-dated crude fell $4.73, or 4.8%, to settle at $93.89 per barrel.
Gold prices, meanwhile, settled higher for a fourth-straight session, and registered their longest win streak since May. Investors are enjoying tailwinds from last week's Federal Reserve meeting, which pointed to a possible interest rate hike slowdown. December-dated gold added $5.90, or 0.3%, to close at $1,787.70 an ounce.
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