Stocks Closed Lower after Economic Data

U.S. stocks closed lower on Monday as investors digested key economic news and kept an eye on oil prices. The Dow Jones Industrial Average declined 54.30 points, or 0.30%, to 18,253.85. The S&P 500 fell 7.07 points, or 0.33%, to 2,161.20. The Nasdaq Composite fell 11.13 points, or 0.21%, to 5,300.87.

Americans manufacturers said business improved in September as new orders rose, but the industry is still struggling to grow amid soft demand in the U.S. and weak exports, a survey of executives found.The Institute for Supply Management said its manufacturing index rose to 51.5% last month after dipping into negative territory in August.

The U.S. economy got off to a roaring start in the third quarter, statistically speaking, but the glow has clearly faded. The Atlanta Federal Reserve’s GDPNow chopped its forecast for U.S. growth to 2.2% on Monday, well below its 3.5% estimate a month ago. A similar undertaking by the New York Fed suggests gross domestic product will expand at a 2.2% clip in the three months running from July to September.

Oil futures settled at a multiweek high on Monday.November West Texas Intermediate crude rose 57 cents, or 1.2%, to settle at $48.81 a barrel. The December contract for Brent picked up 70 cents, or 1.4%, to end at $50.89 a barrel.

Tesla said Sunday it delivered 24,500 vehicles in the third quarter, of which 15,800 were Model S sedans and 8,700 were Model X SUVs. Wall Street expected sales of around 23,000 vehicles.