Dow Drops Over 350 Points But Records Fifth Straight Monthly Gain

The Dow Jones index dropped over 350 points on Monday, closing lower by around 374 points to 53,185.90. However, despite this decline, stocks recorded gains in August, with the Dow gaining more than 1%, notching its fifth straight monthly advance.

The S&P 500 and Nasdaq also added 2.6% and 3.9%, respectively, last month. The Dallas Fed's general business activity index for Texas manufacturing surged to 11.6 in August, recording the strongest reading since January 2025.

On the earnings front, Science Applications International Corporation reported better-than-expected second-quarter financial results and raised its FY27 guidance. Despite this positive news, most sectors on the S&P 500 closed on a negative note, with communication services, utilities, and industrials stocks recording the biggest losses.