Major U.S. stock indices ended lower on Monday amid declines in oil prices and after data showed that the U.S. economy lost momentum at the end of the second quarter.
The Dow Jones Industrial Average fell 91.66 points, or 0.5%, to 17598.20. The S&P 500 declined 5.8 points, or 0.3%, to 2098.40. The Nasdaq Composite dropped 12.90 points, or 0.3%, to 5115.38.
S&P's energy companies dropped 2%. Meanwhile utilities and real-estate investment trusts, which are considered more defensive, gained.
The U.S. Bureau of Economic Analysis reported that growth of personal spending slowed down significantly in June, suggesting that weak wage growth puts pressure on consumers. Personal spending rose by 0.2% m/m in June (the smallest gain since February). May reading was revised to 0.7% from 0.9%. Personal income rose by 0.4% in June after the 0.4% increase in May (revised from 0.5%). All changes were in line with expectations.
This morning in Asia Hong Kong Hang Seng fell 0.13%, or 32.59 points, to 24,378.83. China Shanghai Composite Index gained 1.34%, or 48.59 points, to 3,671.49. The Nikkei lost 0.36%, or 73.76 points, to 20,474.35.
Asian stocks mostly fell following declines in U.S. equities. However the Shanghai Composite gained amid new rules, which would make it more difficult to profit from hourly fluctuations in stock prices. Major stock exchanges have announced that they will temporarily suspend their short-selling services.