Benchmarks ended in negative territory on Monday following decline in oil prices and weak earnings results and guidance. Oil prices fell yesterday following concerns over global crude output glut. Meanwhile, investors remained cautious ahead of the Fed’s two-day policy meeting, which is scheduled to start today. Meanwhile, the Nasdaq posted loss for three consecutive sessions, witnessing the same for the first time since Feb 9. For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street article The Dow Jones Industrial Average (DJI) decreased 0.2%, to close at 17,977.24. The S&P 500 also fell 0.2% to close at 2,087.79. Additionally, the tech-laden Nasdaq Composite Index closed at 4,895.79, losing 0.2%. The fear-gauge CBOE Volatility Index (VIX) increased 6.5% to settle at 14.08. A total of around 6 billion shares were traded on Monday, lower than the last 20-session average of 6.9 billion shares. Decliners outpaced advancing stocks on the NYSE. For 65% stocks that declined, 32% advanced. Oil price declined yesterday following worries over the rise in global crude production. After the end of the three day oil worker strike in Kuwait recently, its crude production increased to 3 million barrels per day (bpd). Meanwhile, Saudi Arabia will reportedly increase the capacity of the Shaybah oilfield from 750,000 bpd to 1 million bpd by next month. Reportedly, crude inventories in the delivery hub of Cushing, Oklahoma have increased 1.5 million barrels for the week ending April 22. Both the WTI crude and Brent crude fell 2.6% and 1.4% to $42.64 per barrel and $44.48 a barrel, respectively. Slump in oil prices dragged the Energy Select Sector SPDR (XLE) by 1.1%, which was also the biggest loser among the S&P 500 sectors. Dow components Chevron Corp (CVX) and Exxon Mobil Corp (XOM) fell 0.5% and 0.2%, respectively. Other key energy stocks including Transocean Ltd. (RIG), ConocoPhillips ( COP), Halliburton Company (HAL), Schlumberger Limited (SLB) and EOG Resources, Inc. (EOG) fell 4.9%, 2.8%, 1.9%, 1.5% and 1.4%, respectively. Moreover, dismal outlook and earnings reports also had a negative impact on key U.S. indexes. Shares of Perrigo Company plc ( PRGO) slumped 18.1% following weak outlook and resignation of its CEO Joseph Papa. Perrigo’s guided the first quarter earnings in the range of $1.71 to $1.77 per share, lower than the Zacks Consensus Estimate of $1.91. The company now expects full year profit between $8.20 and $8.60 per share, also falling short of the Zacks Consensus Estimate of $9.54. Further, Papa resigns the company to join Valeant Pharmaceuticals International, Inc. (VRX), which also had a negative impact on Perrigo’s shares. It was also the biggest loser among the S&P 500 companies. Additionally, Xerox Corporation’s (XRX) shares fell 13.3%, witnessing the biggest one-day decline since September 2009, after reporting first quarter earnings of 22 cents, missing the Zacks Consensus Estimate of 23 cents. Meanwhile, its total revenue declined 4.2% year-on-year to $4,281 million during the quarter. Moreover, shares KKR & Co. L.P. (KKR) declined 3% after posting first quarter loss of 65 cents per share, wider than the Zacks Consensus Estimate of loss per share of 30 cents. Also, its total revenue of $163 million missed the Zacks Consensus Estimate of $276 million. In economic news, the U.S. Department of Housing and Urban Development reported that new home sales fell by 1.5% from February to 511,000 in March. It was lower than the consensus estimate of 520,000. However, new home sales revised upward in February from 512,000 to 519,000. Separately, investors will keep a close watch on the outcome of the Fed’s two-day policy meeting, which will start today. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TRANSOCEAN LTD (RIG): Free Stock Analysis Report CONOCOPHILLIPS (COP): Free Stock Analysis Report HALLIBURTON CO (HAL): Free Stock Analysis Report EXXON MOBIL CRP (XOM): Free Stock Analysis Report CHEVRON CORP (CVX): Free Stock Analysis Report SCHLUMBERGER LT (SLB): Free Stock Analysis Report EOG RES INC (EOG): Free Stock Analysis Report PERRIGO CO PLC (PRGO): Free Stock Analysis Report VALEANT PHARMA (VRX): Free Stock Analysis Report XEROX CORP (XRX): Free Stock Analysis Report KKR & CO LP (KKR): Free Stock Analysis Report To read this article on Zacks.com click here.