Stocks fell on Tuesday to conclude the first trading day of a holiday-shortened week, weighed down by a jump in crude oil prices.
The Dow Jones Industrials tumbled 195.74 points to reach noon EDT at 34,641.97.
The S&P 500 index declined 18.94 points to 4,496. 83
The NASDAQ index dipped 10.86 points to 14,020.95.
Oil prices rose after Saudi Arabia extended its one-million-barrels-per day voluntary oil production cuts. West Texas Intermediate futures popped more than 1% to trade near $87 per barrel, reaching their highest levels since November.
The news lifted energy stocks, with the S&P 500 sector last up about 1%. Shares of Halliburton and Occidental Petroleum each added more than 2%, while EOG Resources rose 1.8%. The uptick in oil pressured airline and cruise stocks, with American Airlines, United Airlines, Delta Air Lines and Carnival shed more than 2%.
Over the extended holiday weekend, Goldman Sachs cut its recession odds to 15% and said it anticipates the Federal Reserve skipping a rate hike at its policy meeting later this month.
Prices for the 10-year Treasury sagged, raising yields to 4.27% from Friday's 4.18%. Treasury prices and yields move in opposite directions.
Oil prices climbed $1.06 to $87.09 U.S. a barrel.
Gold prices dropped $15.20 to $1,951.90 U.S. an ounce.
Dow Plunges Near 200