U.S. stocks wrapped up Monday's trading session in the red, as investors scrutinized corporate earnings reports and oil prices edged down almost 1%.
The S&P 500 fell 0.30%, the Dow Jones Industrial Average slipped 0.29%, and the Nasdaq declined 0.27%.
The Empire State Manufacturing Survey in New York in October fell to negative 6.8 from negative 2 in September. It's the weakest reading since May. Economists were expecting a reading of 2.0.
Industrial production in the U.S. in September rose 0.1%. Production had declined by a revised 0.5% in August.
"Today's report reinforces the soft, albeit improving trend, in manufacturing activity, in line with recent manufacturing survey data," wrote Andrew Schneider, an economist at BNP Paribas, in a note to clients.
In a speech at the Economic Club of New York, Federal Reserve Vice Chair Stanley Fischer said aging demographics, a factor out of the Fed's control, is one of the reasons for the central bank's slow pace of rate increases.
"One recent study by Federal Reserve economists suggests that population aging -- through its effects on saving -- could be pushing down the longer-run equilibrium federal funds rate relative to its level in the 1980s by as much as 75 basis points," Fischer said in his speech.
He also said, "I am sure that the reaction of many of you may be, 'Well, if you and your Fed colleagues dislike low interest rates, why not just go ahead and raise them? You are the Federal Reserve, after all.' One of my goals today is to convince you that it is not that simple, and that changes in factors over which the Federal Reserve has little influence -- such as technological innovation and demographics -- are important factors contributing to both short- and long-term interest rates being so low at present."
Bank of America (BAC - Get Report) posted third-quarter earnings of 41 cents a share, topping estimates of 34 cents. Revenue rose 3% year over year to $21.6 billion, eclipsing estimates of $20.8 billion. The stock rose 0.31%.
Hasbro (HAS - Get Report) reported third-quarter earnings of $2.03 a share, beating the $1.74 analysts had expected. Revenue of $1.68 billion came in ahead of Wall Street's forecasts. Hasbro shares rose 7.4%.
Third-quarter earnings for S&P 500 companies are expected to decline 1.8%, according to FactSet.
Deutsche Bank (DB - Get Report) shares fell 0.30% after media reports suggested the company may scale back its U.S. operations. The bank currently faces a $14 billion settlement with the U.S. Justice Department over toxic mortgage-related securities it sold in the years leading up to the financial crisis.
Caterpillar (CAT - Get Report) CEO Doug Oberhelman announced plans to retire in March. He will be replaced by Jim Umpleby, the company's group president for energy and transformation. Caterpillar shares fell 0.43%.
Pandora (P) share fell 3.6% after analysts at Bank of America Merrill Lynch downgraded the stock to underperform from neutral, citing increased competition from other music streaming platforms such as Spotify, Apple and Google. The analysts reduced their price target on the stock to $9 from $14. The stock trades at $12.38.
Quality Systems (QSII) shares gained 7.9% after a report from DealReporter said the IT company has hired UBS to advise on a possible sale.