Stocks Ended Lower as Fed Meeting, Brexit Loomed

U.S. stocks ended lower on Monday as markets prepare for the Federal Reserve’s policy meeting and the U.K.’s referendum on whether to stay in the European Union. The Dow Jones Industrial Average fell 132.86 ponts, or 0.74%, to 17,732.48. The S&P 500 declined 17.01 points, or 0.81%, to 2,079.06. TThe Nasdaq Composite dropped 46.11 points, or 0.94%, to 4,848.44.

According to a new note from Goldman Sachs Group Inc. analysts led by Krag Gregory, options in the S&P 500 are pricing in more risk around the U.K. leaving the European Union than the Federal Reserve’s interest rate decision later this week.

Oil futures finished at their lowest level in a week on Monday, as an increase in the number of active U.S. oil-drilling rigs pointed to a possible uptick in production. July West Texas Intermediate crude CLN6, -1.00% edged down by 19 cents, or 0.4%, to settle at $48.88 a barrel. August Brent crude fell 19 cents, or 0.4%, to $50.35 a barrel.

Gun stocks soared Monday morning in the first U.S. market opening since the Orlando massacre, as investors likely anticipated stronger gun sales in the face of calls for stricter gun control.