Stocks finished lower Monday. The Dow fell 125 points to 25187, while the S&P 500 lost 11 points to 2821. The Nasdaq Composite slipped 19 points to 7819.
The Dow and S&P 500 posted their fourth consecutive declines amid lingering geopolitical concerns. Turkey’s economic problems are proving to be a headwind for global equity markets. The lira has fallen 40% so far this year, and hit a fresh low against the dollar today despite the Turkish finance minister lowering reserve requirements for banks and announcing plans to help stabilize both the currency and the economy. There were no notable economic data releases scheduled for today.
Nine of 11 S&P 500 sectors ended in negative territory. Energy shares lagged in sympathy with lower oil prices. In earnings news, shares of Sysco Corp. climbed 6.2% to $72.71 after the commercial food distributor topped analyst earnings estimates. Dycom dropped 23.9% to $68.26 after the construction engineering company cut forward guidance. In other corporate news, VF Corp. fell 3.5% to $92.95 after the apparel company announced plans to split into two separate entities.
Breadth was negative on issues by 5:2 on the NYSE and 9:5 on the Nasdaq. Composite NYSE volume was more than 4.4 billion shares.
Treasuries were little changed with the yield on the benchmark 10-year note up one basis point to 2.87%. In commodities, WTI crude lost 0.5% to $67.32/barrel. COMEX gold fell 1.6% to $1191.30.