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Overnight Markets: Falling oil prices weigh on US stocks
Chevron and Exxon Mobil were among the Dow Jones’ biggest decliners.
Wall Street finished lower on Monday weighed down by sharp losses in energy stocks amid a fresh selloff in the oil market.
The Dow Jones Industrial Average lost 24 points, or 0.1%, to 17528, after falling as much as 115 points intraday. The S&P 500 index fell five points, or 0.2%, to 2057. The Nasdaq Composite Index declined eight points, or 0.1%, to 5041.
Shares were pulled down by falling commodity prices, specifically a loss of more than 3% for the US oil benchmark.
The S&P’s energy sector lost 1.8% and is on track for a more than 23% loss for the year. Major decliners for the index on Monday included Chesapeake Energy Corp. CHK, down 8.54%, Consol Energy Inc. CNX, which shed 9.02% and Marathon Energy Corp. MRO, falling 6.82%.
Chevron Corp. and Exxon Mobil Corp. were among the Dow’s biggest decliners, finishing down 1.8% and 0.7% respectively.
Metals were also lower. Gold fell 0.62% to $1,070 a troy ounce, while silver declined 3.45% to $13.87 an ounce, and copper shed 2.13% to $2.08 a pound.
Elsewhere, shares of Valeant Pharmaceuticals International fell 10.5% after chief executive J. Michael Pearson went on medical leave after being diagnosed with severe pneumonia.
Iconix Brand Group shares lost 24% after the company said it would cooperate with a formal order of investigation from the Securities and Exchange Commission following a review of its accounting of certain licensing agreements.
Stocks in telecom, utilities, technology and consumer discretionary sectors were in positive territory. Amazon.com Inc. added 1.8%, after the company said on Monday that more than three million new members signed up for Amazon Prime in the third week of December.
Shares of Fitbit Inc. finished up 3.3% following reports of strong holiday sales.
Markets in London and Australia were closed Monday for Boxing Day. The US stock market will be closed on Friday for New Year’s Day.
In Asia, shares traded mostly higher on Tuesday, after the Japanese and South Korean markets erased morning losses and the Australian market closed up a more than 1%.
In China, the Shanghai Composite index shed gains by afternoon, trading down 0.33%, while Hong Kong’s Hang Seng Index added 0.35%. Australia’s ASX 200 index rose 1.15% after a four-day break. The Japanese market erased early losses as the benchmark Nikkei 225 was up 0.55% in afternoon trade. Korea’s Kospi Index rose 0.11%.
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by Dalvinder Kular on May 24, 2016 at 11:03