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U.S. stocks traded lower Monday, with energy stocks weighing as oil prices declined, as investors looked ahead to major earnings reports and central bank meetings.
The Dow Jones Industrials retreated 103.44 points to 18,467.41. Chevron, Exxon Mobil and UnitedHealth contributed the most to declines in the Dow, which, even so, is up 3% for the month so far.
The S&P 500 slid 11.46 points to 2,163.57. Energy briefly traded more than 2% lower as the greatest declining S&P 500 sector as all 10 traded lower.
The NASDAQ dropped 11.88 points to 5,088.28
In corporate news, Verizon announced Monday plans to acquire Yahoo for $4.8 billion U.S. in cash.
Apple is scheduled to report earnings Tuesday after the close. 3M, Caterpillar, DuPont, McDonald's, United Technologies and Verizon are due to post results ahead of the open.
The U.S. Federal Reserve is scheduled to conclude its two-day meeting Wednesday afternoon. While the central bank is not generally expected to raise rates, indications in the statement on the timing of the next hike will be key.
Prices for the 10-year Treasury skidded, raising yields to 1.57% from Friday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices backtracked $1.04 a barrel to $43.15 U.S.
Gold prices subtracted four dollars to $1,319.40 0 U.S. an ounce.
