U.S. market indexes were lower on Monday as effects from Brexit continued to weigh on market valuations.
For the day the Dow Jones Industrial Average closed at 17,140.24 for a loss of 260.51 points or 1.50%. The Standard & Poor's 500 was also down, closing at 2,000.54 for a loss of 36.87 points or 1.81%. The Nasdaq Composite closed lower at 4,594.44 for a loss of 113.54 points or 2.41%. The VIX Volatility Index was lower for the day at 23.69 for a loss of 2.07 points or 8.04%.
In the Dow Jones Industrial Average, the following stocks led losses for the day.
- American Express (AXP, Financial) -3.98%.
- JPMorgan (JPM, Financial) -3.34%.
- Boeing (BA, Financial) -3.02%.
- DuPont (DD, Financial) -2.91%.
- Microsoft (MSFT, Financial) -2.81%.
The economic calendar was sparse for the day, and its reports did little to help stocks. International trade showed the U.S. continuing to import more than it exports with a trade deficit of $60.59 billion. The PMI Services Flash report was also released on Monday and showed the PMI Services Index basically unchanged at 51.3.
For the day currencies traded volatilely as the U.K. began plans for new agreements across Europe. The pound was weaker against the dollar at 1.3221. The euro was also weaker against the dollar at 1.1025.
Stocks continued to fall in the U.S. as speculation begins on the effects from the new U.K. agreements. In a CNBC report Monday, Richard Kovacevich gave insight on the potential difficulties for the U.K. in renegotiating new terms and what affect those renegotiations could have on the economy globally.
Disclosure: I do not own any shares of any stocks included in this article.
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