Market Overview

Monday's Market Wrap: Stocks Record Modest Declines

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Monday's Market Wrap: Stocks Record Modest Declines

The U.S. stock market pulled back on Monday after a string of record closes last week. Gainers on the session included Sprint Corp. (NYSE: S), which jumped nearly 28 percent and Advanced Micro Devices Inc. (NYSE: AMD), which added around 16 percent on the day. Notable losers were Opus Bank (NASDAQ: OPB), which fell 12 percent and G-III Apparel Group, Ltd. (NASDAQ: GIII), which declined more than 14 percent.

Major Averages

The Dow Jones Industrial Average fell around 78 points, or 0.42 percent, and finished the session at 18,493.

The S&P 500 declined just under 7 points, or 0.30 percent, to finish slightly above 2,168.

The Nasdaq shed less than 3 points, or just 0.05 percent, and closed Monday's session at 5,098.

Related Link: 4 Stocks Moving In Monday's After-Hours Session

Commodities

Commodities followed stocks lower on Monday, with the Bloomberg Commodity Index shedding around 0.84 percent.

NYMEX crude oil futures fell 2.58 percent on the day to $43.05 while Brent contracts trading on ICE lost 2.25 percent to $44.66. Natural gas lost 1.33 percent and was last trading at $2.74.

Precious metals were slightly lower. COMEX gold futures shed 0.67 percent to $1,314.50 while silver declined 0.55 percent to $19.58. Copper futures lost 0.45 percent and were last at $2.2255.

In the grains complex, corn and wheat were mixed. Corn futures lost 0.15 percent to $3.4125 while wheat futures added 0.88 percent to $4.2900. Cocoa fell a little more than 1 percent on the day while cotton lost less than half a percent.

Bonds

Treasury prices were largely unchanged. At the close of the equity session, the iShares Barclays 20+ Year Treasury Bond ETF (NASDAQ: TLT) lost 0.07 percent to $138.70.

Treasury yields were as follows on Monday afternoon: The yield on the 2-Year Note was 0.72 percent. The 5-Year Note was yielding 1.15 percent. The 10-Year Note was last yielding 1.58 percent while the 30-Year Bond yield was 2.29 percent.

Currencies

The U.S. Dollar slightly lower on the session. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, was down 0.12 percent to $25.18.
The closely watched EUR/USD pair fell added 0.13 percent to 1.10991 euros.

Volatility & Volume

The CBOE Volatility Index (VIX) climbed on the day as stocks fell. At the close of equity trading, the closely watched "fear index" was up a little less than 8 percent to 12.94. The VIX has traded in a range between 10.88 and 53.29 over the last 52-weeks.

Volume was considerably lighter than normal to start the week. Only around 46 million SPDR S&P 500 ETF (NYSE: SPY) shares traded hands on the session compared to a 3-month daily average of just over 98 million. Just 12 million PowerShares QQQ Trust ETF (NASDAQ: QQQ) shares were traded on the day versus a 3-month average of more than 25 million.

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