Dow Jones Industrial Average falls 112 points
The Dow slipped 112.59 points, or 0.40% to close at 28,051.41. The S&P 500 pulled back 0.40% to 3,140.98. The Nasdaq Composite fell 0.46% to end the day at 8,665.47. Stocks fell in a shortened trading session but still posted their best monthly performance since June.
Big November gains
The S&P 500 rose more than 3% for November, notching its biggest one-month gain since June when it rallied more than 6%. Optimism around U.S.-China trade relations and a milder-than-expected pullback in corporate earnings helped drive the market’s strong performance this month. However, the signing of two U.S. laws supporting Hong Kong protesters dampened some of that positive sentiment as a key Dec. 15 deadline approaches. China also threatened on Friday to take “strong counter-measures” against the U.S.
Energy shares take a big hit
The S&P 500 energy sector dropped 1.01% after crude prices shed more than 4%. Helmerich & Payne and Devon Energy were among the sector’s biggest laggards, sliding 2.30% and 2.75%, respectively.
What happens next?
Investors will turn their attention to the latest reading on the ISM manufacturing index and construction spending data on Monday. Wall Street will also watch out for any potential retaliation from China. Read more here.
Stocks fell in a shortened trading session but still posted their best monthly performance since June.