U.S. markets closed lower on Monday as crude oil prices moved sharply higher amid concerns about a re-escalation of the conflict in the Middle East. Investors also remained focused on upcoming quarterly earnings from major retailers for clues about the strength of consumer spending in the U.S. Traders overlooked the National Association of Home Builders released a report unexpectedly showing a modest improvement in U.S. homebuilder confidence in the month of August. The report said the NAHB/Wells Fargo Housing Market Index ticked up to 35 in August from 34 in July. The street had expected the index to edge down to 33. On the sectoral front, Airline stocks came under heavy selling pressure during the session as a sharp rise in crude oil prices weighed on investor sentiment. The NYSE Arca Airline Index fell 2.8 percent Software stocks also witnessed significant weakness, with the Dow Jones U.S. Software Index declining 2.7 percent.
Nasdaq slipped 84.25 points or 0.32 percent to 26,644.91, S&P 500 fell 40.7 points or 0.52 percent to 7,745.06 and Dow Jones Industrial Average was down by 272.63 points or 0.51 percent to 53,459.78.
About The Author
