U.S. stocks ended a volatile month of August with a decline on Monday, as the broader market averages fell 0.7% to 1.1% across the board. Health care and utility names led the way lower. Energy stocks rallied as the price of crude oil added another 7% to recent gains.
The CBOE S&P 500 Volatility index also rebounded more than 9% to 28.47. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note gained 3.2 basis points to 2.213%.
Medicines (MDCO) was the big winner on Monday, gaining nearly 22% after positive clinical results for its cholesterol drug. On the other hand, Wayfair (W) fell more than 11% after being highlighted as a short-sale target by Citron Research.
Looking ahead to Tuesday morning, Dollar Tree (DLTR) headlines the earnings calendar. The major automakers will also report August monthly sales.