Stock market today: World shares mostly lower after US manufacturing slips in May

Shares in Europe and Asia have retreated after a report showed that U.S. manufacturing contracted in May. India's Sensex dropped as much as 8% as investors who had bought shares after exit polls showed Prime Minister Narendra Modi winning a third term sold to lock in profits. Oil prices fell more than $1 a barrel and U.S. futures also declined. On Monday, the S&P 500 edged up 0.1% although the majority of stocks within the index fell. The Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite rose 0.6%. Treasury yields dropped after a report showed U.S. manufacturing shrank in May for the 18th time in 19 months.