Wall Street ends down after biggest month since 2020

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The Dow Jones Industrial Average .DJI fell 46.73 points, or 0.14%, to 32,798.4, the S&P 500 .SPX lost 11.68 points, or 0.28%, to 4,118.61 and the Nasdaq Composite .IXIC dropped 21.71 points, or 0.18%, to 12,368.98.

NEW YORK: Wall Street ended lower after a choppy session on Monday, with declines in Exxon Mobil XOM.N and other energy companies weighing against gains in Boeing BA.N as investors digested the U.S. stock market's biggest monthly gains in two years.

Stocks gave up some of a strong rally from last week that was driven by bets the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.

Also helped by stronger-than-expected second-quarter results, the S&P 500 and the Nasdaq in July posted their biggest monthly percentage gains since 2020.

The S&P 500 bounced between gains and declines on Monday as some investors became more cautious in the wake of that recent rally.

The Federal Reserve says it aims to tame inflation and cool down demand with the interest rate hikes, but some investors and analysts worry that its aggressive moves could drive up unemployment and cripple the economy.

"There are still a lot of questions about whether we are really out of the woods economically, and we probably aren't," said Tom Martin, senior portfolio manager at GLOBALT Investments in Atlanta. "We're not even close on the (economic) effects of the Fed raising interest rates."

U.S. manufacturing activity slowed-less-than-expected in July, with signs that supply constraints are easing, a report showed.

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That data came on the heels of surveys indicating factories across Asia and Europe struggled for momentum in July as flagging global demand and China's strict COVID-19 curbs slowed production.

Oil prices fell on demand concerns, which in turn weighed on the energy sector. The S&P 500 energy index .SPNY tumbled and was the deepest decliner among 11 sectors. O/R

Exxon Mobil slid 2.5% and was among the stocks contributing the most to the S&P 500's decline.

A monthly U.S. jobs report on Friday will be parsed for clues about the Fed's next moves in its fight against decades-high inflation.

The U.S. central bank has raised interest rates by 2.25 percentage points so far this year and has vowed to be data-driven in its approach toward future hikes.

Boeing Co BA.N gained 6.1% after Reuters reported the U.S. aviation regulator approved the planemaker's inspection and modification plan to resume deliveries of 787 Dreamliners.

The S&P 500 is down about 14% in 2022. However, recent quarterly reports have shown companies' profits were far more resilient than estimated. Of 283 S&P 500 companies that have reported results, 78% have topped profit estimates, as per Refinitiv data. The long-term average is 66%.

The S&P 500 declined 0.28% to end the session at 4,118.59 points.