US close: Stocks decline for third straight session as oil prices tumble
US stocks declined on Monday, with disappointing data out of China piling pressure on the energy sector.
American Airlines Group
$13.88
13:00 26/04/24
Delta Airlines Inc.
$49.92
11:09 26/04/24
Deutsche Bank AG
€15.29
13:25 29/04/24
DJ EURO STOXX 50
5,006.85
23:58 26/04/24
Dow Jones I.A.
38,239.66
04:30 15/10/20
Nasdaq 100
17,718.30
12:15 26/04/24
Southwest Airlines Co.
$27.03
11:04 26/04/24
Xetra DAX
18,147.45
13:25 29/04/24
The Dow Jones Industrial Average closed down 82.91 points to 17,766.55, while the S&P 500 and the Nasdaq lost 14 and 46 points respectively.
European stocks declined as Germany warned that time is running out for a deal to keep Greece in the Eurozone.
Speaking after a G7 summit, German Chancellor Angela Merkel said she wanted Greece to remain part of the currency bloc but “there isn’t much time left”.
“Every now and then people allow themselves to become a little optimistic that a deal can be reached and default averted,” said Craig Erlam, senior market analyst at Oanda.
“Unfortunately, it’s never long before the games start again and once again deadlines are being set for when a deal ‘must’ be done.”
Chinese data disappoints, Shanghai Composite surges
In China, the Shanghai Composite Index hit its highest level in over seven years, despite disappointing data.
Exports fell for a third consecutive month in May, dropping 2.5% from the same period in 2014 in dollar denominated terms and 2.8% in yuan denominated terms, both topping expectations.
However, imports continued to tumble to a seven-month low, down 17.6% in dollar terms and 18.1% in yuan terms, prompting domestic concerns and putting oil prices under pressure, with West Texas Intermediate losing 1.35% to $58.34 a barrel, while Brent fell 0.76 % to 62.83 a barrel.
The dollar edged lower after President Barack Obama reportedly said at the G7 summit in Germany that the “strong dollar posed a problem”, although he lated denied making such comments.
The greenback fell 0.94% against the yen and 1.62% against the euro and 0.52% against the pound, while gold futures climbed 0.46% to $1,173.50.
In company news, airline company stocks were among the worst hit, as American Airlines Group declined 4.29%, while Delta Air Lines lost 5.01%, and Southwest Airlines fell 2.84%
Going the other way, Deutsche Bank jumped after the bank announced its co-chief executives were stepping down and will be replaced by former UBS Chief Financial Officer John Cryan.
S&P 500 - Risers
Windstream Holdings Inc (WIN) $7.62 +3.11%
Avon Products Inc. (AVP) $6.83 +1.79%
Time Warner Inc. (TWX) $86.04 +1.34%
Frontier Communications Co. (FTR) $5.03 +1.31%
Sealed Air Corp. (SEE) $49.11 +1.17%
CONSOL Energy Inc. (CNX) $27.41 +1.14%
PVH Corp. (PVH) $115.72 +1.13%
Ball Corp (BLL) $71.62 +1.04%
Laboratory Corporation of America Holdings (LH) $120.58 +1.03%
Constellation Brands Inc. Class A (STZ) $119.88 +0.85%
S&P 500 - Fallers
Wynn Resorts Ltd. (WYNN) $102.40 -6.18%
Delta Airlines Inc. (DAL) $40.74 -5.03%
Peabody Energy Corp. (BTU) $3.07 -4.06%
eBay Inc. (EBAY) $60.85 -3.76%
Avago Technologies Ltd. (AVGO) $138.63 -3.60%
First Solar Inc. (FSLR) $49.85 -2.83%
Southwest Airlines Co. (LUV) $36.13 -2.80%
PPL Corp. (PPL) $30.12 -2.68%
Seagate Technology Plc (STX) $53.03 -2.56%
Micron Technology Inc. (MU) $25.92 -2.54%
Dow Jones I.A - Risers
Exxon Mobil Corp. (XOM) $84.85 +0.68%
E.I. du Pont de Nemours and Co. (DD) $69.42 +0.51%
Verizon Communications Inc. (VZ) $47.44 +0.44%
Procter & Gamble Co. (PG) $77.74 +0.40%
Unitedhealth Group Inc. (UNH) $116.93 +0.34%
Coca-Cola Co. (KO) $40.20 +0.25%
Caterpillar Inc. (CAT) $86.13 +0.09%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $31.30 -1.70%
Travelers Company Inc. (TRV) $97.77 -1.55%
International Business Machines Corp. (IBM) $165.36 -1.22%
Chevron Corp. (CVX) $100.42 -1.15%
Cisco Systems Inc. (CSCO) $28.27 -1.07%
Visa Inc. (V) $67.68 -1.01%
Walt Disney Co. (DIS) $109.30 -0.91%
Microsoft Corp. (MSFT) $45.73 -0.89%
JP Morgan Chase & Co. (JPM) $66.89 -0.79%
American Express Co. (AXP) $78.82 -0.72%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $256.29 +2.87%
Mattel Inc. (MAT) $25.82 +0.76%
Vodafone Group Plc ADS (VOD) $37.21 +0.43%
F5 Networks Inc. (FFIV) $124.85 +0.27%
Illumina Inc. (ILMN) $210.66 +0.21%
Express Scripts Holding Co (ESRX) $87.00 +0.14%
DIRECTV (DTV) $91.79 +0.11%
Celgene Corp. (CELG) $110.81 +0.08%
Mondelez International Inc. (MDLZ) $40.05 +0.07%
Stericycle Inc. (SRCL) $136.40 +0.00%
Nasdaq 100 - Fallers
Wynn Resorts Ltd. (WYNN) $102.40 -6.18%
Vimpelcom Ltd Ads (VIP) $5.33 -4.48%
eBay Inc. (EBAY) $60.85 -3.76%
Avago Technologies Ltd. (AVGO) $138.63 -3.60%
Nxp Semiconductors Nv (NXPI) $103.83 -2.94%
Seagate Technology Plc (STX) $53.03 -2.56%
Micron Technology Inc. (MU) $25.92 -2.54%
Dish Network Corp. (DISH) $73.64 -2.48%
Regeneron Pharmaceuticals Inc. (REGN) $526.09 -2.47%
Expeditors International Of Washington Inc. (EXPD) $46.79 -2.41%