Monday was a roller-coaster ride for U.S. market averages, which finished more than 3% lower across the board for the second straight session. Domestic traders followed the lead of the Asian and European markets, though we finished well north of the lows seen in the first few minutes of trading
Energy and financial names led the way lower. Elsewhere, the U.S. dollar index fell 1.7%, dropping for the fourth straight session. Crude oil also fell nearly 6% Monday, while the CBOE S&P 500 index (VIX) added another 42% to recent gains, to 39.95. It's also worth noting that, according to the CME, Fed funds futures are now pricing in less than a 50% chance of an interest rate hike by December, down from 60% last Friday.
AGL Resources (GAS) bucked the market trend and gained 28% on the session. The company received an $8 billion cash takeover bid from fellow Atlanta-based utility Southern (SO). (Southern is part of TheStreet's Dividend Stock Advisor portfolio.)
Looking ahead to Tuesday, Best Buy (BBY) and Toll Brothers (TOL) headline the earnings calendar. On the economic front, we'll get a look at both the FHFA and S&P/Case-Shiller home price indexes before the opening bell.