Stocks traded lower as declines in oil weighed amid the July employment report that supported the case for a rate hike as early as September.
“I think the market’s successfully digested the nonfarm payrolls number and now shifting to fundamental drivers like the commodity complex,” said Art Hogan, strategist at Wunderlich.
Oil fell to just above $44 barrel and brent crude topped $49 a barrel. The Dow transports fell more than 1 percent.
The Dow 30 fell more than 100 points as consumer stocks continued a recent decline.
The July nonfarm payrolls report said that 215,000 jobs were added in July, with an unemployment rate of 5.3 percent.
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