© Reuters.  © Reuters.

By Yasin Ebrahim

Investing.com – The Dow closed lower Monday as energy and industrials fell, but handsome gains through the month saw the index notch its best August performance since 1984.

The Dow Jones Industrial Average fell 0.67%, or 192 points, though it had been down 290 points at the lows of the day. The S&P 500 was flat, while the Nasdaq Composite gained 0.98% on course for another record close.

Energy stocks led the move lower in the Dow as oil prices struggled in the wake of data showing U.S. crude production rose 4.2% to 10.436 million barrels per day in June, renewing oversupply concerns.

Fear about supply outstripping demand come as the impact of the coronavirus has hurt travel and tourism activity.

But Goldman Sachs (NYSE:GS) lifted its forecasts on Brent crude for the second-quarter of next year to $57.50 a barrel from $52 barrel previously amid expectations that vaccines will support global growth.

Industrials were also under fire in the wake of a plunge in airlines on concerns a price war could be brewing in the industry.
American Airlines (NASDAQ:AAL) fell nearly 4% after scrapping its $200 fee to change a domestic ticket in the wake of a similar move by rivals. United Airlines (NASDAQ:UAL) and Delta Air Lines (NYSE:DAL) closed more than 3% lower.
Losses in the broader market were kept in check by ongoing strength in Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA), both of which saw their stocks splits take effect today.

Apple's stock split drew favorable commentary from multiple analysts on Wall Street ahead of the tech giant's iPhone 12 launch.

"With Apple's 4:1 stock split effective this morning we are adjusting our price target to $150 and bull case to $175 accordingly. With Apple's stock split this morning it speaks to Cook & Co. in a major position of strength with clear tailwinds heading into its iPhone 12 supercycle kicking off in early October," Wedbush said in a note.

Microsoft (NASDAQ:MSFT), meanwhile, fell 1.5% as concerns that China could slow or scupper its deal to buy TikTok overshadowed a CNBC report suggesting the deal could be wrapped up as soon as Tuesday.
In consumer discretionary, Amazon.com (NASDAQ:AMZN) was up 1.45% after the e-commerce giant received regulatory approval to operate its fleet of drones for air delivery service.

On the monetary policy front, Federal Reserve vice chairman Richard Clarida strengthened expectations that monetary policy will remain accommodative for a prolonged period, insisting that under the Fed's new approach to inflation, a low unemployment rate by itself is unlikely to bea sufficient trigger for policy action.

Other relevant articles 
[2020-08-31 21:35:23] U.S. crackdowns on Huawei prompt chip stockpiling, proposed aid...
[2020-08-31 19:35:22] Dow Stumbles as Energy Stocks Sag, but Set for Best August Since 1984
[2020-08-31 19:30:23] Dow Stumbles as Energy Stocks Sag, but Set for Best August Since 1984
[2020-08-31 13:35:22] Dow Futures Rise as August Draws to Close
[2020-08-31 11:55:22] Damaged WTO now leaderless as chief Azevedo steps down
[2020-08-31 05:45:23] New Zealand bourse website hit by fresh cyberattack, but keeps...
[2020-08-31 04:30:23] Dollar Inches Down, Yen Edges Up as PM Contest Takes Shape
[2020-08-31 03:10:21] Auckland Exits Lockdown as New Zealand Again Eyes Elimination
[2020-08-30 21:25:19] Police break up forest rave in England amid COVID-19 clampdown
[2020-08-30 20:20:19] U.S. Gulf of Mexico oil output down 1.29 million bpd after storm, data shows
[2020-08-30 12:45:18] Wizz Air to cut flights as Hungary closes borders to foreigners
[2020-08-30 10:45:18] Cycling: Gilbert out of Tour de France as Lotto Soudal down to six riders
[2020-08-30 01:15:18] A picture and its story: The despair of a Rio widow, in a city...
[2020-08-29 23:05:15] Unstoppable Djokovic downs Raonic to clinch Western & Southern Open title
[2020-08-29 20:00:19] Women march through Belarusian capital calling for Lukashenko to...
[2020-08-29 12:05:14] Weekly Comic: Stocks Extend Fed-Fueled Rally As Dow Erases 2020 Losses
[2020-08-29 10:50:14] White House suggests $1.3 trillion coronavirus aid bill; Pelosi says not enough
[2020-08-28 13:35:15] Dow Jones Futures Rise 123 Pts; Powell Helps Optimism
[2020-08-28 10:45:15] French and Spanish Spending Fall Short in Latest Slowdown Sign
[2020-08-28 06:35:10] Dollar Down as Rally from Powell Speech Subsides
[2020-08-27 22:50:08] Exclusive: ByteDance asks TikTok to draw up U.S. shutdown...
[2020-08-27 20:25:07] Dow Jumps on Bets Low Rates to Persist
[2020-08-27 18:50:07] Pelosi: White House must agree to more COVID-19 aid for talks to...
[2020-08-27 15:45:08] Wall Street Opens Higher as Powell Flags Easier Money; Dow up 116 Pts
[2020-08-27 15:40:07] White House’s Meadows to Hold Stimulus Talks With Pelosi Today
[2020-08-27 15:05:12] Wall Street futures fall as jobless claims hover at one million...
[2020-08-27 13:35:12] Dollar General sales surge as economic downturn makes shoppers...
[2020-08-27 13:25:06] Dow Futures Fall 80 Points Ahead of Powell Speech
[2020-08-27 06:55:06] Gold Down Over Signs of Some Economic Recovery
[2020-08-27 06:10:06] Dollar Down Ahead of Powell Speech
[2020-08-27 04:55:06] Asian Stocks Down Over Rising U.S.-China Tensions
[2020-08-27 04:00:09] Oil Down, Producers Batten Down the Hatches Ahead of Hurricane...
[2020-08-27 02:50:10] Oil steady as huge Gulf of Mexico storm shuts down production
[2020-08-26 17:00:10] Meadows Predicts No Stimulus Deal Until End of September
[2020-08-26 15:00:09] Tech firms threaten to quit Belarus after crackdown, internet...
[2020-08-26 05:25:06] Asian Stocks Down, Pressing Pause on Rally Over COVID-19 Jitters
[2020-08-25 21:40:04] Gold Falls Again but Eases Losses After-Hours on Fed Hopes
[2020-08-25 20:55:04] Dollar Sluggish as Clocks Tick Down to Powell
[2020-08-25 17:40:03] U.S. bank profits down 70% from year prior on coronavirus uncertainty
[2020-08-25 13:25:03] Dow Futures Rise 185 Pts Following Sino-U.S. Trade Talks
[2020-08-25 12:15:19] Questions overshadow Melania Trump, Pompeo speeches on Republican...
[2020-08-25 03:55:26] Dollar Down, With Investors Playing the Waiting Game
[2020-08-25 01:20:25] CEOs speed up digital push and downsize offices, KPMG survey shows
[2020-08-25 00:20:26] Salesforce, Amgen, Honeywell to join Dow Jones Industrial
[2020-08-24 23:55:23] Salesforce to replace Exxon in Dow Jones Industrial Average index...
[2020-08-24 22:00:25] Oil up on Virus Treatments; Storm Impact Limited Despite...
[2020-08-24 15:55:22] Wall Street Opens Lower as Virus Cases Drop; Dow up 150 Pts
[2020-08-24 13:25:22] Stocks - Dow Futures Up 269 Pts Amid Virus Treatment Optimism
[2020-08-24 06:30:22] Gold Down, Investor Retreat After FDA Approves Potential COVID-19...
[2020-08-24 05:55:23] Oil Inches Down Over Persistent Fuel Demand Recovery Worries
[2020-08-24 05:45:24] Ardern Extends Auckland Lockdown to Get Outbreak Under Control
[2020-08-23 20:20:19] BHP ramping down, evacuating Gulf of Mexico platforms ahead of storms
[2020-08-23 10:45:18] Italy rules out new lockdown as coronavirus cases rise
[2020-08-23 10:40:17] Iran calls for countries not to politicise data from downed...
[2020-08-23 04:45:18] Chile´s Pinera vows crackdown after nine-year-old injured by gunfire in Araucania
[2020-08-22 20:40:15] U.S. energy firms shutting down offshore Gulf of Mexico...
[2020-08-21 20:05:11] Dow Advances on Apple-Infused Rally Amid Signs of Growing iPhone 12 Demand
[2020-08-21 13:40:10] Wirecard sells assets in Brazil, a first as collapsed company...
[2020-08-21 08:55:13] Europe Battles Virus Spike With No Appetite for New Lockdowns
[2020-08-21 04:30:11] Dollar Inches Down Over Increased U.S. Jobless Claims,
[2020-08-20 22:20:08] Dow Ekes Out Win as Big Tech Sidesteps Economic Jitters
[2020-08-20 22:20:08] Dow Ekes Out Win as Big Tech Sidesteps Economic Jitters
[2020-08-20 19:20:11] Dow Off Session Lows as Tech Continues to Flex Muscle
[2020-08-20 18:50:07] Uber, Lyft prepare to shut down California rides service on...
[2020-08-20 15:45:07] Stocks - Wall Street Opens Lower as Jobless Claims Darken Mood; Dow Down 120 Pts
[2020-08-20 13:15:06] Stocks - U.S. Futures Lower Ahead of Jobless Claims; Dow Futures Down 85 Pts
[2020-08-20 06:35:06] Gold Down as Dollar Slowly Strengthens
[2020-08-20 05:55:08] Oil Down Over Fuel Demand Recovery Jitters
[2020-08-20 04:50:09] Asian Stocks Down Over Disappointing Fed Minutes and Rising...
[2020-08-20 01:20:10] India faces protracted slowdown as virus clouds rural revival
[2020-08-19 22:40:09] Analog Devices forecasts sales above estimates despite 5G...
[2020-08-19 22:25:08] S&P 500 Closes Lower After Hitting Record High
[2020-08-19 13:20:07] Stocks - U.S. Futures Higher Ahead of Fed Minutes; Dow Futures Up 56 Pts
[2020-08-19 06:50:06] Gold Down as Dollar Inches Upwards
[2020-08-19 06:35:06] Trump Team Sees Path to Pared-Down $500 Billion Stimulus Deal
[2020-08-18 22:15:05] S&P Finally Reaches New Record, Erasing Covid-era Losses, as Dow Falls
[2020-08-18 22:15:05] S&P Finally Reaches New Record, Erasing Covid-era Losses, as Dow Falls
[2020-08-18 16:30:04] Hotels group Accor faces higher interest cost after S&P downgrade...
[2020-08-18 15:45:04] Stocks - Wall Street Opens Higher After Strong Housing Data; Dow up Pts
[2020-08-18 11:15:03] From Africa to America, businesses and insurers face survival...
[2020-08-18 09:15:03] Sweden rejects Norwegian Air credit guarantee application
[2020-08-18 06:35:02] Dollar Down, With Greenback Fighting a Triple Threat
[2020-08-18 01:15:26] Macau VIP casino industry out of luck as China cracks down on...
[2020-08-17 22:20:23] Nasdaq Hits Record, S&P 500 Inches Closer as Dow Falls
[2020-08-17 22:20:23] Nasdaq Hits Record, S&P 500 Inches Closer as Dow Falls
[2020-08-17 20:45:23] Trump may support U.S. Postal Service funding if added to stimulus measures: Meadows
[2020-08-17 15:55:22] Stocks - Wall Street Opens Higher on House Price Surge; Dow up 36 Pts
[2020-08-17 04:20:36] Dollar Starts Week on a Down Note, But Losses Capped by...
[2020-08-16 22:00:23] Italy closes nightclubs as coronavirus cases rise among young
[2020-08-16 16:45:19] El Al Israel Airlines chairman steps down for medical reasons
[2020-08-16 16:05:18] Saudi-led coalition downs ballistic missile aimed at kingdom: SPA
[2020-08-16 07:45:18] Basketball: Stojakovic steps down as Kings assistant GM
[2020-08-16 06:25:17] China must guard against rebound in shadow lending: regulator
[2020-08-15 09:30:15] Divac steps down as Kings GM after poor season
[2020-08-14 22:15:17] Dow Ends Slightly Higher After Market Wavers on Uncertainty
[2020-08-14 15:40:10] Stocks Open Mixed After Retail Sales Slowed; Dow Down 122
[2020-08-14 11:10:11] Hong Kong second-quarter GDP shrinks 9% year-on-year, full-year...
[2020-08-14 09:50:10] U.S. crackdown on Confucius Institutes demonises the program,...
[2020-08-14 06:30:11] Dollar Down Over Persistent Global Economic Recovery Doubts
[2020-08-14 05:25:10] Gold Down Amid Signs of Economic and Dollar Recovery