Stocks Ended Lower, Dropped by the Most since October

U.S. stocks ended sharply lower on Monday, posting their worst single-day performance since mid-October, after the Institute for Supply Management’s print on domestic manufacturing activity disappointed. The Dow Jones Industrial Average fell 268.37 points, or 0.96%, to 27,783.04. The S&P 500 was down 27.11 points, or 0.86%, to 3,113.87. The Nasdaq Composite declined 97.48 points, or 1.12%, to 8,567.99.

Oil futures settled higher on Monday, buoyed after signs of a rebound in manufacturing activity in China as well as the potential for OPEC and its allies to agree on deeper production cuts when they meet later this week. West Texas Intermediate crude for January delivery rose 79 cents, or 1.4%, to settle at $55.96 a barrel, while February Brent crude advanced 43 cents, or 0.7%, to $60.92 a barrel.

The ISM manufacturing purchasing managers’ index (PMI) came in at 48.1 for November, falling from 48.3 in October and coming in below the 49.2 reading expected by consensus economists, according to Bloomberg data.