U.S. stocks retreated on Monday, as energy shares fell with oil prices and ahead of a Federal Reserve meeting.
The S&P 500 (INDEXSP:.INX) fell four points to 2,071. the 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slid 24 points to 17,623, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) rose less than 0.1% to 5,035.
Crude prices edged lower on Monday, on worries that the oversupply in oil products could swell as a result of unseasonably warm weather and the waning maintenance cycle for U.S. refineries. U.S. crude futures fell 1.39% to $43.98 a barrel, its lowest settlement since Aug. 10.
Investors will look to the Fed’s meeting this week for indications of the trajectory of U.S. interest rates.
Broadcom (NASDAQ:BRCM), Pfizer (NYSE:PFE), Ford Motor (NYSE:F) and Apple (NASDAQ:AAPL) are among more than 160 S&P 500 firms reporting earnings this week.
A report on Monday showed new U.S. single-family home sales fell to near a one-year low in September after two straight months of gains, suggesting a temporary cooling in the market for new houses.
Valeant Pharmaceuticals (NYSE:VRX) fell 3.8% to $111.75 after Canada’s largest pharmaceutical company said it has formed a committee to review allegations against it.
General Motors (NYSE:GM) skidded 1% to $35.56 after the largest U.S. automaker reached a tentative agreement with the United Auto Workers union on a new four-year contract, avoiding a strike for now.
Xerox (NYSE:XRX) slipped 2.8% to $10.03, reversing an earlier gain. The company synonymous with paper copiers and printers said it would undertake a “comprehensive review of structural options,” while it posted its first quarterly loss since 2010 on a hefty charge. Shares gained in premarket trades.
Piedmont Natural Gas (NYSE:PNY) surged 37% to $57.71. Duke Energy is buying the energy services company for $4.9bn in cash, or $60 per share. That represents a 42% premium for Piedmont shareholders over Friday's closing price.
Roper Technologies (NYSE:ROP) advanced 3.2% to $182.56 after the maker of software and engineered products reported adjusted quarterly profit above estimates.