The Dow Jones Industrial Average closed 0.4% lower at 18,493.

A falling oil price hit shares in oil companies. Chevron was the biggest faller on the Dow with a 2.5% decline. Exxon Mobil dropped 2%.

The S&P 500 fell 0.3% at 2,168, energy firms were the big losers on that index.

Retailers performed well, Nordstrom added 4.5%, Gap closed 3.3% higher, Macy's rose by 3%.

The New York Times reports, external that the Federal Reserve s preparing an enforcement action against Goldman Sachs. It relates to a case dating back two years, when an employee of the Fed in New York leaked confidential government information to a banker at Goldman.

It's a surprising move as the case appeared to have been settled two years ago when Goldman paid a $50m settlement.

Image source, Getty Images

Traders in the US have some big events to react to this week.

The US Federal Reserve begins a two-day meeting on Tuesday and will announce its decision at 14:00 EST/19:00 BST on Wednesday, with a news conference half an hour later.

The Fed is not expected to raise interest rates, but analysts will be picking through the Fed's comments for hints on when a rate increase might come.

Also on Tuesday Apple reports results, analysts will be keen to see how sales of the iPhone are faring.

In the UK BP reports results on Tuesday and on Wednesday economic growth figures for the second quarter are released.

Image source, Yahoo

The sale of Yahoo to US mobile network Verizon raises questions about the future of the internet firm’s brand, according to one analyst.

Verizon will merge Yahoo with AOL, which it bought last year. Michael Goodman, of Strategy Analytics, said it would be expensive to keep all three.

“That’s the big open-ended question: What are they going to do with the Yahoo brand,” he told the BBC. “There’s something to be said for having just one brand.”

Verizon bought Yahoo for its audience – not its brand value – as it looks to transition from a telecoms firm to a media company, he said.

Zoe Thomas
US business reporter

Image source, Getty Images

A US court has ruled that Deutsche Bank can be sued for allegedly defrauding investors who purchased $5.4bn (£4.11bn) of the bank's preferred mortgage-backed-securities.

Investors accuse Deutsche Bank of concealing important information about the products' exposure to the quickly deteriorating subprime mortgage market, in the lead up to the financial crisis. 

Investors who bought these mortgage-backed-securities in November 2007 and February 2008 are eligible to sue.  

Sir Philip said he feels "let down" by Dominic Chappell, who bought BHS from him.

Luke Tugby news editor at Retail Week tweets:

Former City minister, Lord Myners, who fought off Sir Philip's attempted takeover of Marks & Spencer in 2004, has been appointed by the MPs committee to lead a panel of financial assessors.

Lord Myners calls for Sir Philip to "be honourable" and "pay up."

“I have now carefully read the select committees’ report and note their findings. I believe that the report is the predetermined and inaccurate output of a biased and unfair process."

“With the benefit of hindsight, clearly Retail Acquisitions and Mr Chappell were a very bad choice as purchaser on many fronts and I feel badly let down.

"Sadly, one cannot turn the clock back. The disposal of Bhs was made 100% in good faith and I still believe that we provided Retail Acquisitions and Mr Chappell with the appropriate finance (c. £200m of cash and assets) to take the business forward.

“As I told the committees, I am trying to find a solution for the Bhs pension and am continuing to work with the Regulator to achieve an outcome.

“I am sad and sorry for all the Bhs people caught up in this horrid story, but I do not believe that this story is being in any way fairly portrayed.”

Simon Jack
BBC Business Editor

Frank Field tells me he will not apologise. Describes Sir Philip Green’s conduct as “displacement therapy”.

“He needs to stop messing around and write a big cheque.”

Frank Field has told the BBC that he is not going to apologise to Sir Philip Green over comments Mr Field made about the former owner of BHS on the Today Programme this morning.

Sir Philip Green has said he will sue Frank Field, the co-chair of an inquiry into collapse of BHS, for remarks he made on the BBC's Today Programme earlier today in which he compared Sir Philip unfavourably to media magnate, Robert Maxwell.

Oil prices have fallen sharply today as the focus has shifted back to a heavy global glut in the market. 

Brent oil is currently down 2.3% at $44.6 a barrel, marking its lowest level since 10 May.

US crude is down 2.5% at $43.08 a barrel, its lowest level since late April.

Prices have been depressed by data showing a jump in stockpiles in the world’s biggest oil consumer, the US. 

The prospect of recovering shale oil production in the US also helped to push prices lower, as the number of oil rigs rose for a fourth week, according to Baker Hughes data.

The slump in prices from as high as $115 per barrel in 2014 led many shale oil producers to cut the number of rigs as producing oil was no longer profitable.

Image source, PA

The final nod for Britain's first nuclear power plant in decades could be delayed again, due to union action.

EDF is due to consider a final investment decision on the Hinkley Point nuclear reactor at a board meeting on Thursday. 

Unions have long criticised the cost of the project. And the secretary of the EDF works council told Reuters it had now filed a complaint with a Paris court, due to be heard on 2 August.

"We demand a suspension of the decision," says Jean-Luc Magnaval.

Barry Ritholtz is a respected US money manager and market commentator. He argues that Yahoo boss Marissa Mayer will "walk away with more than $200m for doing little more than keeping the seat warm for the past four years".

BBC Radio 4

"I think BHS bullied the trustees of the pension scheme and that needs to be looked at," said Steve Webb, formerly Liberal Democrat Minister for Pensions in the coalition government, now Director of Policy at the insurance and pensions company, Royal London.

"Basically the trustees were told by the company, 'this is how much we are allocating to the pension fund, take it or leave it'. There was no negotiation," he said on BBC Radio 4's PM.

He thinks that the Pensions Regulator should have had more power to block the sale of BHS to Dominic Chappell.

The regulator may be able to find money that went out of the business that they can claw back, he said.

Image source, Reuters

Two cabin crew unions for Air France are seeking to strike from 27 July to 2 August.

The company thinks the majority, external of its long-haul flights will be unaffected, but "there may be more disruption on the short and medium-haul networks," the airline said.

The FTSE 100 closed 20 points or 0.3% lower at 6,710.13.

Randgold Resources was the biggest loser with a 4% fall, after it lowered its production forecast for its Tongon gold mine in the Ivory Coast.

Both Royal Dutch Shell and BP fell almost 3% - tracking a fall in oil prices.

William Hill was the second biggest winner on the FTSE 250 with a 5% gain. Shares jumped after it confirmed an approach by 888 and Rank Group.

The FTSE 250 closed 0.5% higher.

The chart below show's Yahoo's net income (a measure of profits) over the last 15 years.

You can see that in 2015 it made a whopping $4.3bn loss, partly due to the write down in the value of its Tumblr business.

Image source, bbc