FILE - This Thursday, Oct. 2, 2014, file photo shows the Wall Street entrance of the New York Stock Exchange. Stocks were little changed in early trading Monday, May 23, 2016, as investors sat on the sidelines waiting to see where the Federal Reserve might move interest rates the following month. (AP Photo/Richard Drew, File)
May 23, 2016 - 2:25 PM
NEW YORK - Stocks ended a quiet day slightly lower on Monday as investors sat on the sidelines waiting for more clues about whether the Federal Reserve might raise interest rates next month. Energy stocks fell along with the price of crude oil.
The Dow Jones industrial average fell 8.01 points, or 0.05 per cent, to 17,492.93. The Standard & Poor's 500 index fell 4.28 points, or 0.2 per cent, to 2,048.04 and the Nasdaq composite lost 3.78 points, or 0.1 per cent, to 4,765.78.
Investors had little news to interpret and no major economic data to analyze on Monday, so stocks traded in a very narrow range throughout the day. Roughly 3 billion shares traded hands on the New York Stock Exchange, making it one of the slowest trading days so far this year.
Several members of the Federal Reserve will be making speeches this week, which may give insight to investors on what Fed policymakers might do at their meeting in June. Minutes from the Fed's late April meeting showed that policymakers at the nation's central bank seem to believe the U.S. economy has improved enough to warrant higher interest rates.
"Very quiet today," Ryan Larson, head of U.S. equity trading at RBC Global Asset Management, wrote in response to an email query from AP. "The hesitation seems to directly related to what the Fed may or may not do come its June meeting."
Securities that bet on which way the Fed will move interest rates now show that investors believe there is a 26 per cent chance that interest rates will climb.
In company news, Monsanto rose $4.48, or 4 per cent, to $106 after German company Bayer offered to buy the agricultural products company for $62 billion. The deal would make the combined company the world's largest producer of fertilizers and other agricultural products.
Tribune Publishing fell $2.14, or 15 per cent, to $12.09 after the newspaper company rejected a new takeover offer from Gannett. The company also announced a new investor, who bought a $70 million stake in Tribune.
Benchmark U.S. crude shed 33 cents to $48.08 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 37 cents to $48.35 a barrel in London. Energy stocks followed oil prices lower.
In other energy commodities, wholesale gasoline rose 1 cent to $1.65 a gallon, heating oil fell 1 cent to $1.48 a gallon and natural gas fell 1 cent to $2.06 per thousand cubic feet.
U.S. government bond prices rose slightly. The yield on the 10-year Treasury note fell to 1.83 per cent from 1.84 per cent. The dollar fell to 109.19 yen from 110.23 yen and the euro fell to $1.1221 from $1.1219.
Precious and industrial metals futures closed mostly lower. Gold lost $1.40 to $1,251.50 an ounce, silver fell 11 cents to $16.42 an ounce and copper was little changed at $2.06 a pound.
News from © The Associated Press, 2016