US close: Stocks decline amid oil prices slump, as investors analyse raft of economic data
US stocks declined on Monday, as investors digested a bulk of economic data, including reports on manufacturing and personal income, while oil price tumbled.
Dow Jones I.A.
38,085.80
04:30 15/10/20
Fiat Chrysler Automobiles N.V.
$24.60
10:59 25/04/24
Ford Motor Co.
$13.04
11:10 25/04/24
Frontier Communications Co.
$0.00
14:25 11/03/24
Nasdaq 100
17,430.50
12:15 25/04/24
S&P 500
5,048.42
23:07 25/04/24
Tyson Foods Inc.
$60.89
10:59 25/04/24
The Dow Jones Industrial Average closed down 91.66 points to 17,598.20, while the S&P 500 and the Nasdaq lost six and eight points respectively.
Monday data
US personal consumption expenditure rose 1.3% year-on-year in June, above expectations for a 1.2% increase. Personal spending rose 0.2%, as expected, while personal income climbed 0.4% to beat forecasts for a 0.3% gain.
"We expect core PCE to continue rising from here, albeit at a moderate pace," Barclays' analysts said in a note.
"As core prices rise further and the drag from sharply declining energy prices wanes, we expect headline PCE also to move higher, reaching 1.1% by the end of 2015 from the current 0.3% reading."
The US ISM manufacturing index fell to 52.7 in July from 53.5 in June, against consensus expectations for a broadly stable reading.
"The modest fall in the ISM manufacturing index suggests that the factory sector is continuing to suffer the effects of the dollar’s appreciation," analysts at Capital Economics said in a note.
"Nonetheless, the survey is still consistent with annualised GDP growth of over 2%."
Meanwhile, the final US July Markit PMI rose slightly to 53.8 in July from 53.6 in June but was unchanged from the flash estimate.
Asian stocks decline
Asian stocks started the week in the red following negative data from China, where the Shanghai Composite Index fell 1.11% and Hong Kong's Hang Seng was down 0.91%.
China's manufacturing PMI declined in July to 47.8 from 48.2 one month earlier, adding to concerns of a deepening slowdown.
Elsewhere, European stocks reversed early losses to edge higher as well-received earnings and economic data helped to offset a downbeat session in Asia, although the Greek stock market fell heavily.
The dollar was broadly flat against the yen but gained 0.13% against the euro and 0.25% against the pound, while gold futures slid 0.85% to $1,085.80.
Oil prices plunged, with West Texas Intermediate losing 3.81% to $45.39 a barrel, while Brent dropped 5.28% to $49.59 a barrel.
Mixed earnings
Tyson Foods plummeted 9.90% after the meatpacking group's profit fell short of expectations and the group cut its full-year outlook.
There was more positive news for Frontier Communications, which jumped 9.11% after its quarterly results beat expectations, while consumer and professional products producer Clorox climbed 2.72% after posting better-than-expected fourth quarter results
Fiat Chrysler rose 2.06% after reporting a 6.2% increase in auto sales in July, while insurance group PartnerRe gained 2.35% after accepting a merger offer worth $6.9 from Italian investment group Exor.
S&P 500 - Risers
Frontier Communications Co. (FTR) $5.14 +9.00%
Autodesk Inc. (ADSK) $53.30 +5.38%
Southwest Airlines Co. (LUV) $37.53 +3.69%
Avon Products Inc. (AVP) $5.84 +3.09%
Delta Airlines Inc. (DAL) $45.70 +3.07%
Clorox Co. (CLX) $115.00 +2.73%
Micron Technology Inc. (MU) $19.01 +2.70%
Paychex Inc. (PAYX) $47.52 +2.41%
NextEra Energy Inc. (NEE) $107.73 +2.40%
Air Products & Chemicals Inc. (APD) $145.87 +2.36%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $1.08 -10.00%
Tyson Foods Inc. (TSN) $39.96 -9.90%
CONSOL Energy Inc. (CNX) $15.27 -7.57%
Denbury Resources Inc. (DNR) $3.68 -6.47%
Transocean Ltd. (RIG) $12.41 -6.41%
Fossil Group Inc (FOSL) $64.49 -6.20%
QEP Resources Inc (QEP) $13.04 -6.05%
Chesapeake Energy Corp. (CHK) $8.16 -5.77%
Southwestern Energy Co. (SWN) $17.61 -5.32%
Freeport-McMoRan Inc (FCX) $11.20 -4.68%
Dow Jones I.A - Risers
Coca-Cola Co. (KO) $41.54 +1.13%
Walt Disney Co. (DIS) $121.11 +0.93%
Travelers Company Inc. (TRV) $106.94 +0.77%
Visa Inc. (V) $75.80 +0.61%
Intel Corp. (INTC) $29.06 +0.38%
Verizon Communications Inc. (VZ) $46.96 +0.36%
Wal-Mart Stores Inc. (WMT) $72.19 +0.29%
Pfizer Inc. (PFE) $36.16 +0.28%
Microsoft Corp. (MSFT) $46.81 +0.24%
Merck & Co. Inc. (MRK) $59.06 +0.17%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $85.58 -3.28%
Apple Inc. (AAPL) $118.43 -2.36%
International Business Machines Corp. (IBM) $158.70 -2.03%
Caterpillar Inc. (CAT) $77.26 -1.74%
Exxon Mobil Corp. (XOM) $78.06 -1.45%
United Technologies Corp. (UTX) $99.42 -0.89%
General Electric Co. (GE) $25.87 -0.88%
E.I. du Pont de Nemours and Co. (DD) $55.29 -0.84%
3M Co. (MMM) $150.19 -0.76%
Boeing Co. (BA) $143.58 -0.45%
Nasdaq 100 - Risers
Autodesk Inc. (ADSK) $53.30 +5.38%
Micron Technology Inc. (MU) $19.01 +2.70%
Paychex Inc. (PAYX) $47.52 +2.41%
Biogen Inc (BIIB) $324.65 +1.84%
Nvidia Corp. (NVDA) $20.29 +1.70%
Seagate Technology Plc (STX) $51.46 +1.70%
Dish Network Corp. (DISH) $65.62 +1.56%
Gilead Sciences Inc. (GILD) $119.60 +1.48%
Vertex Pharmaceuticals Inc. (VRTX) $136.99 +1.47%
Monster Beverage Corp (MNST) $155.81 +1.47%
Nasdaq 100 - Fallers
Staples Inc. (SPLS) $14.13 -3.94%
Mattel Inc. (MAT) $22.51 -3.02%
Vimpelcom Ltd Ads (VIP) $5.61 -2.94%
Whole Foods Market Inc. (WFM) $35.44 -2.64%
Apple Inc. (AAPL) $118.43 -2.36%
Wynn Resorts Ltd. (WYNN) $100.80 -2.35%
Tesla Motors Inc (TSLA) $259.99 -2.31%
F5 Networks Inc. (FFIV) $131.20 -2.19%
Baidu Inc. (BIDU) $169.14 -2.04%
Netflix Inc. (NFLX) $112.54 -1.55%