Stocks closed out mixed on Monday. The Dow ended slightly into the red zone. The Nasdaq and S&P 500 added gains. Alcoa, Bank of America, Boeing and Caterpillar led the Dow’s descent. Brands made mixed moves amid a variety of economic data. Manufacturing activity contracted last month for the first time in three years. The Institute for Supply Management’s manufacturing index fell to 49.7 in June from 53.5 in May. The market had anticipated a lesser retreat to 51.5 in June. Additionally, new orders slipped to 47.8 in June from 60.1 in May. In ratings action, Citigroup downgraded Archer-Daniels Midland to Neutral from Buy. Canaccord Genuity upgraded Tiffany to Buy from Hold. Looking ahead, the Labor Department will issue June employment data on Friday.
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