Wall Street ended lower after a choppy session on Monday, with declines in Exxon Mobil and other energy companies weighing against gains in Boeing as investors digested the U.S. stock market’s biggest monthly gains in two years.
The Dow Jones Industrial Average slipped 0.14%, or 46 points, the Nasdaq was down 0.2%, and the S&P 500 fell 0.3%.
Energy fell more than 2% to lead the broader market lower, pressured by a nearly 5% slump in oil prices after the latest data pointing to weakness in the Chinese housing market and factory activity stoked fresh recession concerns.
U.S. House of Representatives Speaker Nancy Pelosi was set to visit Taiwan on Tuesday. China warned that its military would never “sit idly by” if she visited the self-ruled island claimed by Beijing.
“Increased recession fears since the release of our Mid-year outlook have prompted substantial revisions to global growth,” Morgan Stanley said, highlighting the “lack of a bounce-back in China” as one of the key drivers. The bank now sees global growth at 2.4%Y, 50 basis points lower than its forecast in May.
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