The US markets ended mostly lower on Monday as traders seemed reluctant to make more significant moved ahead of the highly anticipated G20 summit in Osaka, Japan, later this week. US President Donald Trump and Chinese President Xi Jinping are scheduled to meet during the summit in an effort to kick start stalled trade negotiations. Further, rising tensions between the US and Iran also kept traders on the sidelines, with Trump announcing new sanctions on Iran after an unmanned US surveillance drone was recently shot down by Iranian forces. Trump said that the US does not seek conflict with Iran but said his administration will continue to increase pressure on Tehran until the regime abandons its dangerous activities. The executive order signed by the president includes sanctions on Iran's Supreme Leader, Ayatollah Ali Khamenei, as well as the Supreme Leader's Office.
Besides, reports on new home sales, consumer confidence, durable goods orders, and personal income and spending may also attract attention in the coming days. Traders are likely to analyze the data with an eye out for any clues about the timing of an interest rate cut by the Federal Reserve. The Fed signaled last week that the next move in interest rates would likely be lower but did not specifically outline the time frame for the reduction.
Nasdaq declined 26.01 points or 0.32 percent to 8005.70 and S&P 500 lost 5.11 points or 0.17 percent to 2945.35, while Dow Jones Industrial Average was up 8.41 points or 0.03 percent to 26727.54.
