By Yasin Ebrahim
Investing.com – The Dow fell Monday, paced by a decline in energy, though the index remained on track to notch its best performance for the month of August since 1984.
The fell 0.67%, or 192 points, though it had been down 290 points at the lows of the day. The was flat, while the gained 0.98% on course for another record close.
Energy stocks led the decline as oil price struggled in the wake of data showing production rose 4.2% to 10.436 million barrels per day in June, renewed oversupply concerns.
Fear about supply outstripping demand come as the impact of the coronavirus has hurt travel and tourism activity.
But Goldman Sachs (NYSE:) lifted its forecasts on for the second-quarter of next year to $57.50 a barrel from $52 barrel previously amid expectations that vaccines will support global growth.
Losses in the broader market were kept in check by ongoing strength in Apple (NASDAQ:) and Tesla (NASDAQ:), both of which saw their stocks splits take effect today.
Apple’s stock split drew favorable commentary from multiple analysts on Wall Street ahead of the tech giant’s iPhone 12 launch.
“With Apple’s 4:1 stock split effective this morning we are adjusting our price target to $150 and bull case to $175 accordingly. With Apple’s stock split this morning it speaks to Cook & Co. in a major position of strength with clear tailwinds heading into its iPhone 12 supercycle kicking off in early October,” Wedbush said in a note.
Microsoft (NASDAQ:), meanwhile, fell 1.2% as concerns that China could slow or scupper its deal to buy TikTok overshadowed a CNBC report suggesting the deal could be wrapped up as soon as Tuesday.
In consumer discretionary, Amazon.com (NASDAQ:) was up more than 2% after the e-commerce giant received regulatory approval to operate its fleet of drones for air delivery service.
On the monetary policy front, Federal Reserve vice chairman Richard Clarida strengthened expectations that monetary policy will remain accommodative for a prolonged period, insisting that under the Fed’s new approach to inflation, a low unemployment rate by itself is unlikely to be a sufficient trigger for policy action.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.