US stocks drop on Monday after a three session gain streak
• The Dow Jones fell by 46.73 points, or 0.1%, at 32,798.40
US stocks ended slightly lower on Monday, after snapping a three-session streak of gains.
The Dow Jones Industrial Average fell by 46.73 points, or 0.1%, at 32,798.40. The S&P 500 ended 11.66 points, or 0.3%, lower at 4,118.63 after flipping between small gains and losses. The Nasdaq Composite closed down by 21.71 points, or 0.2%, at 12,368.98.
Stocks rallied last week following the release of data on second-quarter GDP, which showed that the US economy had contracted by 0.9% between the beginning of April and the end of June.
Market movers
Shares of Alibaba’s (NYSE: BABA) American depositary receipts closed up by 1.1% after a roughly 11% decline on Friday.
Shares of Perkin Elmer Inc. (NYSE: PKI) finished 5% higher after the disease diagnosis company announced an agreement to sell its Applied, Food and Enterprise Services businesses for $2.45 billion in cash to private-equity firm New Mountain Capital.
U.S.-listed shares of Nio Inc. (NYSE: NIO) finished up by 2.3% after the China-based electric vehicle maker reported deliveries rose in July from a year ago to mark a third-straight monthly increase.
Also read:
US inflation jumps to 9.1%, highest rate since 1981 as consumer pressures intensify
