Stocks of the major indexes fell on Monday as concerns about global growth came into the limelight.
The Dow fell 106.66 points to 35,101.85 after the 30-stock average notched a record close Friday. The S&P 500 traded down 0.1% at 4,432.35. However, the tech-heavy Nasdaq Composite climbed 0.16% to 14,860.18.
The Dow and S&P 500 closed at record highs on Friday following a strong jobs report which showed that the U.S. economy added 943,000 jobs in July.
Oil prices also slipped on Monday as rising COVID-19 cases sparked demand fears.
West Texas Intermediate crude futures declined more than 4% at one point to trade as low as $65.15, a level not seen since May.
International benchmark Brent crude settled at $69.04 per barrel for a loss of 2.35%, after hitting a low of $67.60.
The fall in oil prices pushed energy stocks lower with the Energy Select Sector SPDR ETF down 1.3%. Exxon Mobil and Chevron also lost 1.2% and 1.7%, respectively, while Diamondback Energy dropped 3.5%.
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Stocks of cruise lines and airlines also took a hit. Norwegian Cruise Line slid nearly 1% after a court ruling while Carnival and Royal Caribbean lost more than 1%. American Airline and United Airlines dropped 2.2% and 2.5%, respectively.
It’s not all that red
Shares of Musk’s Tesla helped the tech-heavy Nasdaq to jump on Monday. The electric carmaker rose 2.1% after an analyst, Jefferies, upgraded the stock and predicted a rally of more than 20% in the next 12 months.
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Berkshire Hathaway’s B shares jumped 0.6%, thanks to a solid Q2 earnings report that saw the conglomerate’s operating income skip 21% year over year as economies reopened.
Companies like Coinbase, AMC Entertainment, Bumble, Disney, Airbnb, Tyson Foods, Lordstown Motors, Palantir, and DoorDash are yet to report their quarterly earnings this week.
How will the markets be this week?
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