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Monday's Market Wrap: Stocks Record Modest Declines

Monday's Market Wrap: Stocks Record Modest Declines - Advanced Micro Devices, Inc. NYSE:AMD, G-III Apparel Group, LTD. NASDAQ:GIII

The U.S. stock market pulled back on Monday after a string of record closes last week. Gainers on the session included Sprint Corp. S 27.71%, which jumped nearly 28 percent and Advanced Micro Devices Inc. AMD 14.73%, which added around 16 percent on the day. Notable losers were Opus Bank OPB 12.09%, which fell 12 percent and G-III Apparel Group, Ltd. GIII 14.37%, 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.

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 TLT 0.07% 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 UUP 0.16%, 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 SPY 0.27% 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 QQQ 0.01% shares were traded on the day versus a 3-month average of more than 25 million.

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