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U.S. stocks finished modestly lower after the Institute for Supply Management said the services side of the U.S. economy barely grew in July — adding to stagflation concerns following last week’s weaker-than-expected jobs report.
The Dow Jones Industrial Average lost 61.90 points, or over 0.1% to end at 44,111.74, according to FactSet data.
The S&P 500 shed 30.75 points, or 0.5% to finish at 6,299.19.
The Nasdaq Composite dropped 137.03 points, or nearly 0.7% to finish at 20,916.55.
A survey of businesses such as retailers, restaurants and package deliverers slipped to 50.1% last month from 50.8% in June, the Institute for Supply Management said Tuesday. A reading above 50 indicates the services sector economy is generally expanding.
The prices-paid index, a measure of inflation, rose 2.4 points to 69.9 and hit a nearly three-year high, while the employment barometer fell slightly to 46.4%, the lowest level in four months.
(Reuters) - Oil prices fell to their lowest levels in a week on Monday after OPEC+ agreed to another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation.
Brent crude futures fell 91 cents, or 1.3%, to settle at $68.76 a barrel, while U.S. West Texas Intermediate crude declined by $1.04, or 1.5%, to close at $66.29 a barrel.
Both contracts settled at their lowest in a week, after declining close to 3% on Friday.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day (bpd) for September.
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