By Joseph Adinolfi and Wallace Witkowski, MarketWatch
Oil futures settle lower after choppy session
U.S. stocks finished lower Monday, but pared their declines heading into the close, as investors weighed a round of lackluster earnings and awaited the conclusion of a Federal Reserve policy meeting later in the week.
Meanwhile, the S&P 500 was down 3.79 points, or 0.2%, to 2,087.79, led by declines in energy and industrial-sector shares. Earlier, the index was off by 14 points.
The Nasdaq Composite lost 10.44 points, or 0.2%, to 4,895.79, nearly halving an earlier 28-point intraday drop.
Mike Antonelli, an equity sales trader at R.W Baird & Co., said the price moves were magnified by below average trading volume as investors awaited a statement from the Federal Reserve, expected Wednesday afternoon New York Time.
“We didn’t see any particular news event,” Antonelli said. “Markets can move sharply in quiet times because [trading] is just so thin.”
Central bank policy is expected to remain a prominent theme this week. Signs of rising inflation in the U.S. might influence the Fed to adopt slightly more hawkish language in its monetary policy statement, analysts said.