Stocks Ended Mixed, Oil Slumped

U.S. stocks ended mixed on Monday, as a slide in crude futures weighed on Wall Street. The Dow Jones Industrial Average fell 34.72 points, or 0.20%, to 17,705.91. The S&P 500 was up 1.55 points, or 0.08%, to 2,058.69. The Nasdaq Composite added 14.05 points, or 0.30%, to 4,750.21.

Oil futures slumped Monday, undercut by uncertainty following the replacement of longtime Saudi Arabian oil minister Ali al-Naimi over the weekend and indications wildfires may not have the impact previously feared on Canadian crude output. Light, sweet crude futures for delivery in June fell $1.22, or 2.7%, to settle at $43.55 a barrel. July Brent crude declined $1.74, or 3.8%, to end at $43.63 a barrel.

Minneapolis Federal Reserve Bank President Neel Kashkari on Monday signaled his support for the cautious and patient approach to rate hikes laid out by Fed Chair Janet Yellen, saying the current stance of monetary policy is “about right.

A majority of U.S. metro areas saw median home prices rise in the first three months of the year amid a combination of more sales and tight supply. The median existing single-family home price increased in 87 percent of measured markets, with 154 out of 178 metropolitan areas posting gains, according to the latest quarterly report by the National Association of Realtors, issued Monday.

Valeant Pharmaceuticals International Inc (VRX.TO) (VRX.N) said on Monday it expected to file its first- quarter report with U.S. and Canadian regulators on or before June 10, ahead of a July 31 deadline, and reiterated its first-quarter forecasts.

Freeport-McMoRan Inc. will sell its stake in TF Holdings Limited to a Chinese mining company for $2.65 billion as it continues to cut costs and sell assets in order to reduce its debt.

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