U.S. equities closed lower for the fourth time in the past five weeks as constructive geopolitical progress was not enough to overcome negative investor sentiment from indications of slowing global economic growth.

A sharp reversal in investor sentiment last week resulted in the largest weekly drop for equity markets since March and ceded much of the year-to-date gains across the broad U.S. equity market.

Markets responded very positively last week to comments from Federal Reserve Chairman Jerome Powell on future monetary policy and to the prospect of easing trade tensions between the U.S. and China.

Equity markets had one of their worst weeks of the year last week with U.S. equity indices marking their lowest points since the first half of the year.

Spillover from geopolitical concerns in the European Union and the continued exodus from popular growth and momentum stocks weighed heavily on the broad equity markets last week and into early trading this week.