Stocks Opened Lower, Oil Struggled

Stocks opened lower on Monday as investors fear that the probability of a July rate cut had declined significantly following the jobs report. The Dow Jones Industrial Average lately fell 146.34 points, or 0.54%, to 26,775.78. The S&P 500 declined 15.90 points, or 0.53%, to 2,974.51. The Nasdaq Composite shed 71.79 points, or 0.88%, to 8,090.00.

Oil futures flipped between small gains and losses Monday to kick off a new week of trading after prices suffered their first weekly loss in three through last Friday as energy-demand worries persist. August West Texas Intermediate crude was recently down 4 cents, or 0.1%, to $57.47 a barrel. September Brent edged 2 cents lower, or less than 0.1%, to $64.21 a barrel.

The highlight of the week will come on Wednesday when Federal Reserve Chairman Jerome Powell heads to Capitol Hill to kick off two days of testimony in front of Congress. Powell will be delivering his semi-annual Monetary Policy Report.