US stocks end modestly lower




US stocks ended modestly lower on Monday as energy stocks retreated along with oil prices, while Amazon and Netflix weighed on the consumer discretionary sector.


 Energy stocks were 0.6 percent lower as US oil prices CLc1 settled down 0.8 per cent at $49.94 while Brent crude LCOc1 settled down 0.8 per cent at $51.52 a barrel. 

Oil prices were weighed down by oversupply concerns, although losses were curbed amid a projected drop in American shale output.

The Dow Jones industrial average fell 51.98 points, or 0.29 per cent, to 18,086.4, the S&P 500 lost 6.48 points, or 0.3 per cent, to 2,126.5 and the Nasdaq Composite dropped 14.34 points, or 0.27 per cent, to 5,199.82.

Bank of America Corp shares edged up 0.3 percent as its profit rose for the first time in three-quarters and topped estimates.

Netflix Inc fell 1.6 per cent ahead of its expected quarterly results, while Amazon.com Inc lost 1.2 per cent, for its third straight decline, which pulled the consumer discretionary sector 0.8 per cent lower.

After the close, shares of the subscription video service surged about 20 per cent in the wake of its results.

Hasbro Inc, was a bright spot among discretionary stocks during the session, surging 7.4 per cent after the toymaker's better-than-expected quarterly report.

Netflix subscriptions boom around world, shares jump 20 per cent

Declining issues outnumbered advancing ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored decliners.

The S&P 500 posted no new 52-week highs and 7 new lows; the Nasdaq Composite recorded 24 new highs and 89 new lows.

About 5.15 billion shares changed hands in U.S. exchanges, below the 6.54 billion daily average over the last 20 sessions, according to a news agency report.

-SRS-
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