Worldwide markets were still shaky on Monday as U.S. shares eke out small gains and European benchmarks close at their lowest point since September. Shares were weighed down by falling oil prices and a continued slump in Chinese shares that saw indexes fall to four-year lows. Crude oil saw drastic declines and is currently hovering near 12-year lows.
Wall Street’s trading session saw U.S. stocks move in and out of negative territory, eventually settling with minor gains when the bell rang on Monday’s trading session. The Standard & Poor’s 500 index added 1.64 points, or less than 0.1%, to close at 1,923.67. The Dow Jones Industrial Average rose 52.12 points, or a quarter of a percent, to close at 16,398.57. Despite the limited gains, both the S&P 500 and the Dow Jones managed to snap a three-day losing streak. Bucking the trend, the Nasdaq Composite fell 5.64 points, or around 0.1%, to close Monday’s trading session at 4,637.99, extending the index’s losing streak to eight consecutive sessions of declines. The Russell 2000 index, which offers a gauge for performance in small capitalization stocks, fell down 3.54 points, or 0.3%, to 1,042.64, a move that represents a move into bear-market territory.
Europe shared Wall Street’s wobbly trading session, though shares eventually settled in negative territory. The Stoxx Europe 600 index declined 0.33% to trade at 340.23, marking a fourth consecutive session of declines. The pan-European index ended at its lowest level since September. The index was weighed down by another selloff in Chinese shares and a weak euro, though shares usually climb on the shared currency’s weakness. National Eurozone benchmarks fell as oil and commodities, most notably metals, posted stark declines. The German DAX 30 index fell 0.25%, to 9,825.07. The export-heavy index was aided by a decline in the euro’s strength, allowing the index to limit its gains compared to other European benchmarks. The shared currency traded at $1.0880, down from $1.0926. The EUR/USD pair has since risen 0.34% to 1.0899. France’s CAC 40 index declined 0.49% to 4,312.74, and the U.K.’s FTSE 100 index shed 0.69% to 5,871.83.
This week’s economic data releases continue with today’s U.S. manufacturing and Chinese trade balance reports. U.S crude oil inventory reports will be released on Wednesday, followed by the U.K. interest rate decision, the European Central bank’s monetary policy meeting and U.S. unemployment claims on Thursday. The week will conclude with Friday’s release of U.S. retail sales, industrial production and consumer sentiment.