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Investing.com — The Dow closed lower Monday in muted trade as investors were reluctant to make big bets on stocks ahead of further catalysts including key economic data due later this week.
By 16:00 ET (21:00 GMT), the fell 56 points, or 0.2%, the was 0.2% lower, and the slipped 0.1%.
Energy stocks follow oil prices lower ahead of OPEC+ meeting
Energy stocks were the biggest drag on the broader market, weighed down by falling ahead of the OPEC+ meeting later in the week.
Oil prices snapped a four-week losing streak last week, but sentiment remains cautious even as uncertainty eased about whether the Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, deeper oil production cuts.
Ahead of the meeting later this week, Reuters reported, citing an unnamed source that OPEC+ was mulling a “collective further reduction” in output cuts.
An OPEC+ cut in output would help offset the increase in supply growth from non-OPEC sources that has helped to keep a lid on oil prices.
Fresh inflation data to headline slew of economic reports this week
A slew of economic data will likely set the tone for trading this week, with…
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