US Stocks Begin Week Mostly Lower as First Manufacturing Data for May Turns Negative

Last Updated: Monday, May 16, 2022 4:10 PM | MT Newswires

US stocks started the week mostly lower as a closely monitored manufacturing index turned negative in May amid concerns of slowing economic growth and the prospect of higher rates from the US Federal Reserve.

The Dow Jones Industrial Average managed to close with small gains at 32,223.42 on Monday while the S&P 500 fell 0.4% to 4,008.01 and the Nasdaq Composite was 1.2% lower at 11,662.79. Consumer discretionary and technology sectors led the decliners, while energy was the biggest gainer.

The US 10-year yield dropped by 4.9 basis points to 2.88%.

West Texas Intermediate crude oil futures jumped by $3.53 to $114.02 a barrel.

Gold rose $17.60 to $1,825.80 per ounce.

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