Stocks Lower as Economic Data Weighs

U.S. stocks extended losses into a fourth day Monday after a report on U.S. factory orders showed a surprise drop. The Dow Jones Industrial Average lately was down 73.497 points, or 0.61%, at 12,045.08. The S&P 500 was off 9.34 points, or 0.73%, to 1,268.70. The Nasdaq Composite fell 16.49  points, or 0.06%, to 2,730.99.

Orders for goods produced in U.S. factories decreased 0.6% in April, the Commerce Department reported Monday. Economists surveyed by MarketWatch expected orders to rise by 0.1%. Factory orders fell a revised 2.1% in March, down from a prior estimate of a 1.5% decline. Orders for durable goods – products meant to last at least three years – were flat in April. Orders for nondurable goods tumbled 1.1%.

Crude-oil futures seesawed between small losses and gains Monday. July futures for light, sweet crude-oil (NMN:CLN2) fell 38 cents, or 0.5%, to $82.85 a barrel on the New York Mercantile Exchange. It touched a low of $81.21 as well as a high of $83.73.

Top shareholders of Chesapeake Energy Corp will take control of the board of directors after the natural gas producer came under intense pressure to reform following a governance crisis and poor financial performance. Chesapeake said on Monday it would replace four members of the board, just days ahead of the company’s annual meeting.