Stocks Ended Lower, Oil Prices Diverged

U.S. stocks ended lower on Monday as investors continued to rethink expectations for a deep rate cut by the Federal Reserve. The Dow Jones Industrial Average fell 115.98 points, or 0.43%, to 26,806.14. The S&P 500 was down 14.46 points, or 0.48%, to 2,975.95. The Nasdaq Composite declined 63.41 points, or 0.78%, to 8,098.38.

Oil futures diverged Monday, with U.S. prices up a third straight session while global benchmark Brent finished lower, as tensions with Iran, and the possibility of disruptions to oil flow in the Middle East, increased. August West Texas Intermediate crude edged up by 15 cents, or 0.3%, to settle at $57.66 a barrel. September Brent lost 12 cents, or 0.2%, to $64.11 a barrel.

U.S. consumer debt climbed in May at about the same pace as a month earlier, led by the largest advance in revolving debt outstanding since October, suggesting Americans’ favorable economic outlook is underpinning continued spending. Total credit rose $17.1 billion from the prior month, in line with the median estimate of economists, following a $17.5 billion gain in April, Federal Reserve figures showed Monday.