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3 Aug 2015
US stocks drop weighed by oil, US data
FXStreet (Córdoba) - US stocks dropped on Monday, weighed down by further decline in oil prices and weak economic data.
The Dow Jones Industrial Average fell 91 points, or 0.51%, to 17,599. The S&P 500 lost 5.69 points, or 0.27%, to 2,098 while the Nasdaq Composite dropped 7.25 points, or 0.14%, to 5,121.
Oil prices continued to fall Monday, pressuring energy stocks, with WTI falling more than 2% to $46.02 a barrel.
On the data front, US ISM manufacturing PMI came in lower than expected in July (52.7 vs 53.5). Earlier, data showed personal spending rose slightly below expectations in June. Consumer inflation measured by PCE price index, the Fed’s preferred inflation gauge, rose 0.2% in June and 0.3% YoY, while excluding volatile food and energy categories, PCE price index rose 0.1% MoM and 1.3% YoY.
The Dow Jones Industrial Average fell 91 points, or 0.51%, to 17,599. The S&P 500 lost 5.69 points, or 0.27%, to 2,098 while the Nasdaq Composite dropped 7.25 points, or 0.14%, to 5,121.
Oil prices continued to fall Monday, pressuring energy stocks, with WTI falling more than 2% to $46.02 a barrel.
On the data front, US ISM manufacturing PMI came in lower than expected in July (52.7 vs 53.5). Earlier, data showed personal spending rose slightly below expectations in June. Consumer inflation measured by PCE price index, the Fed’s preferred inflation gauge, rose 0.2% in June and 0.3% YoY, while excluding volatile food and energy categories, PCE price index rose 0.1% MoM and 1.3% YoY.