U.S. stocks traded lower on Monday, after Friday's jobs report that trimmed the market's hopes for a bold interest rate cut by the Federal Reserve, where Boeing and Apple shares led the drop.
The Dow Jones closed down 0.43 percent, shaving 115.03 points, to 26,807.09, moving within narrow trading range the whole session. The S&P 500 declined 0.48% to 2,975.95 and the Nasdaq Composite slipped 0.78 percent to 8,098.38. All three benchmarks added on to losses from last week.
Boeing stock was down by 1.5 percent, which was a strong reason for lowering the Dow Jones today, after a Saudi Arabian airline cancelled a $6 billion order for 30 Boeing 737 Max aircraft.
Also, Apple lagged in the Dow Jones, down 2 percent, after Rosenblatt downgraded shares to sell from neutral.
In addition, to the latest strong payroll data suggested the economy doesn't need stimulus or an interest rates cut. On Friday, the jobs report showed a more positive picture than expected of the employment situation in the United States.
However, some investors are still hoping for an interest rate cut from the Federal Reserve later this month to stimulate the economy.
On the other side, Walmart also hit a fresh high on the Dow Jones, climbing 0.6 percent and Nike was against the trend in the Dow Jones, as it moved up nearly 2 percent, ahead of this weekend's FIFA Women's World Cup soccer final where Nike had deals to outfit 14 of the 24 teams entering the tournament.
The US dollar index rose back to the highest level in 3 weeks, on lower expectations of seeing an interest rate slash by the fed on July 31.
As of 16:00 EST, the US dollar index moved up by
0.12% percent to 97.41, while it opened at 97.23.