US stocks fall after prior week’s sharp gains as OPEC cuts demand growth forecasts

U.S. equities declined on Monday as Wall Street took a breather after scoring its best week in months after the Organization of the Petroleum Exporting Countries (OPEC) cut its outlook for growth in crude demand for 2022 and 2023.

The Dow Jones Industrial Average fell 211.16 points, or 0.63 percent, to 33,536.70. The S&P 500 slipped 35.68 points, or 0.89 percent, to 3,957.25. The Nasdaq Composite Index decreased 127.11 points, or 1.12 percent, to 11,196.22.

Ten of the 11 primary S&P 500 sectors ended in red, with real estate and consumer discretionary down 2.65 percent and 1.71 percent, respectively, leading the laggards. Health care rose 0.03 percent, the lone gaining group.

On Monday, most of the leading tech stocks ended in red, with Amazon and Tesla among the worst performers.

The West Texas Intermediate (WTI) for December delivery decreased 3.09 U.S. dollars, or 3.5 percent, to settle at 85.87 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost 2.85 dollars, or 3 percent, to close at 93.14 dollars a barrel on the London ICE Futures Exchange.

In its closely-watched monthly report released on Monday, the OPEC lowered 2022 global oil demand growth and further trimmed next year’s figure, citing economic challenges and geopolitical uncertainties.

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