Stocks closed lower on Wall Street Tuesday as traders returned from a long holiday weekend. The S&P 500 fell 18.94 points, or 0.4%, to 4,496.83. The index is coming off its second weekly gain. The Dow Jones Industrial Average fell 195.74 points, or 0.6%, to 34,641.97. The Nasdaq composite fell 10.86 points, or 0.1%, to 14,020.95. Markets are looking ahead to a quieter week with company earnings reports winding down and just a trickle of government economic reports expected, including data on manufacturing, layoffs, and trade, the AP reports. DocuSign, GameStop, Dave & Buster's, and Kroger are set to report their most recent quarterly financial results this week.
Industrial stocks had some of the steepest losses. Union Pacific fell 2.4%. Technology stocks gained ground. Microsoft rose 1.5%. Energy stocks rose along with crude oil prices after Saudi Arabia and Russia said they will extend their voluntary production cut of 1 million barrels of oil a day through the end of the year. The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading Tuesday afternoon, a price unseen in the market since November, the AP reports. US crude oil prices rose 1.3% and Chevron rose 1.3%. United Airlines fell 2.5% after a technical glitch briefly halted flight departures.
This week, "there's not much going on other than investors doing the mental arithmetic over whether the Federal Reserve will or will not continue to hike interest rates," says Sam Stovall, chief investment strategist at CFRA. The Institute for Supply Management releases its latest report on the US services sector Wednesday. The services sector employs most Americans and is a big component of the economy. Its health could provide more insight into how inflation is affecting consumer spending. Wall Street will also get updates on aspects of the manufacturing sector and consumer credit.
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