Wall Street fell on Monday at the start of a shortened holiday week, amid dropping crude prices.
At 3:32 p.m. in New York, the Dow Jones industrial average (INDEXDJX:.DJI) was down 0.2% at 17,522, the S&P 500 (INDEXSP:.INX) was down 0.3% at 2,055 and the Nasdaq Composite (INDEXNASDAQ:.IXIC) was also down 0.3% at 5,033.
Brent was down $1.28 at $36.61 a barrel. U.S. crude's West Texas Intermediate futures settled at $36.81, down $1.29, or 3.39%.
Crude fell, pressured by weak Japanese consumption of oil and renewed worries about oversupply.
Amazon (NASDAQ:AMZN) gained 1.6% to $673.60 after saying that during the third week of December, more than three million joined its Prime service.
Chimerix (NASDAQ:CMRX) plunged 81% to $6.72 after the biopharmaceutical company said a late-stage trial of a an antiviral used on patients undergoing stem cell transfusion failed to meet its main goals.
The U.S. stock market will be closed Friday for New Year’s Day.
LUNCHTIME
Wall Street was trading lower at lunchtime, led by the energy sector amid a renewed slump in crude prices and low trading volumes in the last week of trading this year.
At 1:16 p.m. in New York, the S&P 500 Energy Sector (INDEXSP:SP500-10) fell 1.7%. The Dow Jones industrial average (INDEXDJX:.DJI) skidded 0.3% at 17,502, the S&P 500 (INDEXSP:.INX) was down 0.4% at 2,053 and the Nasdaq Composite (INDEXNASDAQ:.IXIC) was down 0.4% at 5,028.42.
Brent was down $0.98 at $36.93 a barrel. U.S. crude's West Texas Intermediate (WTI) futures fell $1.25 to $36.85.
Oil prices were falling on Monday as downbeat economic data from Japan helped reinforce fears that the world’s glut of crude won’t recede soon.
Freeport-McMoRan (NYSE:FCX) fell 7.7% after saying co-founder and long-time executive James Moffett will step down from the board and as executive chairman.
In economic data, the Texas Manufacturing Outlook Survey showed Texas factory activity increased for a third month in a row in December to 13.4.
MARKET OPEN
Wall Street opened lower on Monday as oil prices retreated in a holiday-shortened week.
At 10:41 a.m., the Dow Jones industrial average (INDEXDJX:.DJI) was down 0.5% at 17,469, the S&P 500 (INDEXSP:.INX) was down 0.6% at 2,048 and the Nasdaq Composite (INDEXNASDAQ:.IXIC) was down 0.7% at 5,012.42.
All 10 major S&P 500 sectors were in negative territory, led by the 0.63% drop in the energy sector.
Exxon Mobil (NYSE:XOM), the world’s largest oil company by market value, fell 1% to $78.51. Chevron (NYSE:CVX), the second-largest U.S. energy company, surrendered 1.7% to $90.42.
Valeant Pharmaceuticals (NYSE:VRX) dropped 9.6% to $103.15 after the Canadian drugmaker said Chief Executive Michael Pearson is going on medical leave.
Fitbit (NYSE:FIT) was up 3.6% at $29.98, after reports that the wearable gadget maker’s iOS app was the most downloaded after Christmas, suggesting strong holiday demand.
FedEx (NYSE:FDX) fell 1.5% to $147.34 as the operator of the world's largest cargo airline was forced to make deliveries on Christmas Day due to heavy storms across the Southeast and Midwest over the weekend that delayed packages.
Chimerix (NASDAQ:CMRX) plummeted 79% to $7.40 after the biopharmaceutical company said a late-stage trial of a an antiviral used on patients undergoing stem cell transfusion failed to meet its main goals.
PRE-MARKET
Wall Street is poised to open lower on Monday, amid slumping crude prices and thin trading volumes.
At 8:13 a.m. in New York, Dow Jones Industrial Average futures dropped 0.4% to 17,372, while those for the S&P 500 index fell 0.5% to 2,041. Nasdaq Composite futures slid 0.3% to 4,597.
Brent crude was down $0.85 at $37.04 a barrel. U.S. crude was down $1.16 at $36.94. Exxon Mobil (NYSE:XOM) retreated as much as 1.5% in early trading.
No major earnings are due on Monday. The only economic data of interest on Monday is the Texas Manufacturing Outlook Survey at 10:30 a.m.
Trading volumes are expected to remain subdued on Monday, with several international stock markets closed. These include the London Stock Exchange and markets in Ireland, Australia and Canada.
Shares of Amazon.com (NASDAQ:AMZN) rose as much as 0.1% in premarket trading after the Seattle, Washington-based company said more than three million new members signed up for Amazon Prime in the third week of December.
FedEx (NYSE:FDX) fell as much as 1.3% as the operator of the world's largest cargo airline was forced to make deliveries on Christmas Day due to heavy storms across the Southeast and Midwest over the weekend that delayed packages.
Chimerix (NASDAQ:CMRX) plummeted as much as 77% after the biopharmaceutical company said a late-stage trial of a an antiviral used on patients undergoing stem cell transfusion failed to meet its main goals.