Investing.com -- U.S. stocks were mixed on Monday, decoupling from declining oil prices in a rare session when equities failed to trade in lockstep with the volatile global crude market.
U.S. crude futures tumbled more than 3% in Monday's session, sliding from three-month highs, amid reports that Russia could cooperate with a defiant Iran in delaying a production freeze between up to 10 OPEC and Non-OPEC members. It came one day after Iran oil minister pledged that his nation will be hesitant to accept such a deal until its output reaches pre-sanction levels of around 4 million barrels per day. As a result, WTI crude fell more than $1.25 a barrel to close below $38.
The Dow Jones Industrial Average gained 15.82 or 0.09% to 17,229.13, while the S&P 500 Composite index lost 2.55 or 0.13% to 2,019.64, after turning negative just before the close. The Dow closed higher for the seventh time in eight sessions. The NASDAQ Composite index, meanwhile, ticked up 1.81 or 0.04% to 4,750.28, posting its fourth winning session in the last six trading days. On the S&P 500, seven of 10 sectors closed in the red as stocks in the Basic Materials, Energy and Health Care industries lagged. Stocks in the Consumer Services sector led, ending the session up by 0.34%.
The major indices remain on pace for their strongest month since October.
The top performer on the Dow was Boeing Company (NYSE:BA), which added 2.08 or 1.67% to 126.71. On Friday after the bell, Boeing announced a comprehensive set of executive leadership changes following the retirement of Chief Technology Officer John Tracy. The worst performer was Pfizer Inc (NYSE:PFE), which lost 0.36 or 1.16% to 30.15, after the pharmaceutical giant's India unit stopped selling its Corex, following a nationwide ban of the cough syrup over the weekend. Pfizer pared some of the losses on Monday afternoon when an Indian court granted the company a temporary injunction on the ban.
The biggest gainer on the NASDAQ was TripAdvisor Inc (NASDAQ:TRIP), which jumped 2.94 or 4.62% to 66.64. Despite Monday's gains, shares in the U.S. travel website are down more than 25% over the last three months. The worst performer was Alexion Pharmaceuticals Inc (NASDAQ:ALXN) which fell 4.67 or 3.35% to 134.60, amid lower than expected earnings per share forecasts for the current quarter.
The top performer on the S&P 500 was Starwood Hotels & Resorts Worldwide (NYSE:HOT), which surged 5.70 or 8.09% to 76.12. It came in the wake of reports that Chinese investor Angbang made a $12.8 billion offer to acquire the major hotel chain. The offer transpired in a backdrop of slowing economic activity in China, as investors look to move their assets abroad amid uncertainty with further devaluations in the yuan. The worst performer was Southwestern Energy Company (NYSE:SWN), which fell 0.55 or 6.88% to 7.45. Energy stocks were among the worst performers on the S&P 500, as Chesapeake Energy Corporation (NYSE:CHK) and Baker Hughes Incorporated (NYSE:BHI) also fell by at least 4%.
On the New York Stock Exchange, declining issues outnumbered advancing ones by a 1,736 to 1,336 margin.