Markets

Close Update: Stocks Trade Lower as Traders Eye Fed Clues on Rate Hikes

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Stocks in the U.S. nudged into the red by the close on Monday after a day of mixed trading for the major indexes, with gains kept in check as investors sorted through remarks from Federal Reserve officials about the timing of future interest-rate increases.

St. Louis president and voting member James Bullard said keeping interest rates too low for too long risks economic instability. Non-voting San Francisco president John Williams expects two to three hikes this year, though the June increase could be pushed to July if the UK votes to leave the European Union.

In economic data, the preliminary purchasing manager's index for May declined to 50.5 from April's 50.8, missing expectations to increase to 51.

More than half of the components on the Dow Jones Industrial Average were falling, with Microsoft ( MSFT ) and Verizon ( VZ ) leading losses. Utilities declined the most among the S&P 500 sectors, falling 0.9%. The energy group shed 0.3% as US oil futures retreated dropped about 0.6%, while materials rose 1.3% on Bayer AG's $62 billion bid for Monsanto ( MON ).

Tomorrow's economic agenda includes April new home sales and the May Richmond Fed manufacturing survey at 10 a.m. ET.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Average was down 8.01 points (-0.05%)

S&P 500 was down 4.28 points (-0.21%)

Nasdaq Composite Index was down 3.78 points (-0.08%)

GLOBAL SENTIMENT

FTSE 100 was down 0.32%

Nikkei 225 was down 0.49%

Hang Seng Index was down 0.22%

Shanghai China Composite Index was up 0.64%

UPSIDE MOVERS

(+) XGTI (+96.51%) Iroquois Capital discloses stake in company

(+) XNPT (+56.36%) To be acquired by Arbor Pharmaceuticals for approximately $467 million

(+) REXI (+48.76%) To be acquired by C-III Capital Partners for $9.78 per share

(+) NSPH (+26.72%) Luminex ( LMNX ) raises offer for company to $1.70 per share vs $1.35

(+) MON (+4.41%) Beyer discloses amount of bid for company

DOWNSIDE MOVERS

(-) TPUB (-15.04%) Rejected Gannett ( GCI ) $15 per share acquisition offer

(-) KLXI (-14.23%) Profit in-line with estimates on below-consensus revenue

(-) CSTE (-13.42%) CEO resigns

(-) FCAU (-5.11%) Could be banned from Germany car sales, Bild reports

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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