Stocks fell on Tuesday to kick off the first trading day of a holiday-shortened week, weighed down by a jump in crude oil prices.
The Dow Jones Industrial Average lost 195.74 points, or 0.56%, to finish at 34,641.97. The S&P 500 dropped 0.42% to close at 4,496.83. The Nasdaq Composite edged down 0.08% to settle at 14,020.95.
Oil prices rose after Saudi Arabia and Russia extended voluntary supply cuts. West Texas Intermediate futures popped more than 1% and briefly traded above $87 per barrel, reaching their highest levels since November.
The news lifted energy stocks, with the S&P 500 sector gaining 0.5%. Shares of Halliburton and Occidental Petroleum each added more than 2%, while EOG Resources rose 1.8%. The uptick in oil pressured airline and cruise stocks, with American Airlines, United Airlines, Delta Air Lines<