The S&P 500 edged lower Monday, as declines in the energy sector offset gains in shares of health-related companies.
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The broad index wobbled in a narrow range for much of the session, extending a recent pattern of quiet trade.
Moves in the stock market have been muted over the past week, with trading volumes across exchanges owned by the New York Stock Exchange and Nasdaq hitting their lowest levels of the year Friday. Investors and analysts have attributed the lull in action to the scarcity of major economic data and the winding down of the second-quarter earnings season.
Still, activity is expected to pick up in the coming days, as investors look toward the latest estimates for the second-quarter gross domestic product, personal-consumption expenditures and monthly employment.
So far this year, the data have largely suggested the global economy is on steady footing, something that should help stocks keep climbing as corporate profits grow, investors say.
"It feels like we're in a sweet spot for financial assets, where you have a synchronized global expansion while inflation remains low," said David Donabedian, chief investment officer at CIBC Atlantic Trust Private Wealth Management. "There's a lot of focus on Washington, but we shouldn't forget that the strong economic backdrop is always the single most important backdrop for equity markets."
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The Dow Jones Industrial Average fell 18 points, or 0.1%, to 21795 on Monday, with a decline in insurer Travelers Companies accounting for the bulk of the move.
The S&P 500 fell less than 0.1%, and the Nasdaq Composite added 0.3%.
Energy stocks in the S&P 500 fell with oil prices as investors struggled to gauge the fallout from Tropical Storm Harvey, which has disrupted operations at major refiners in Texas.
The S&P 500 energy sector fell 0.6%, with Anadarko Petroleum and Helmerich & Payne shares losing about 3% each. The sector is on course for its worst month since at least 2015, even after a number of oil companies reported stabilizing earnings.
Commodities prices swung as analysts warned it would take time to measure the full impact of Harvey's damage.
U.S. crude for October delivery fell 2.7% to $46.57 a barrel, its lowest settlement since July 24. Gasoline futures surged, with contracts for September delivery rising 2.7% to $1.7123 a gallon.
Elsewhere, Gilead Sciences shares rose 1.5% after the biotechnology company said it agreed to pay about $11 billion to acquire Kite Pharma.
Shares of health-care companies in the S&P 500 jumped 0.7%, leading advances among the broad index's 11 sectors.
The Stoxx Europe 600 dropped 0.5%, logging its sixth decline in eight trading sessions. Markets in the U.K. were closed in observance of a public holiday.
Japan's Nikkei Stock Average ended down less than 0.1%, with shares of exporters weighed down by the stronger yen.
The Shanghai Composite Index gained 0.9%, driven by advances in bank stocks.
William Wilkes contributed to this article.
Write to Akane Otani at email@example.com
(END) Dow Jones Newswires
August 28, 2017 15:42 ET (19:42 GMT)