Treasuries rebounded from a four-month low and the dollar fell after mixed economic data in the world’s largest economy bolstered the case for accommodative monetary policy. Oil declined.

U.S. government bond yields dropped and the dollar retreated against most of its major peers after a measure of manufacturing in New York unexpectedly contracted, while the nation’s factory production rose for the third time in four months. Stocks declined with energy shares as investors assessed corporate earnings. Oil fell as OPEC members added supply and American producers increased drilling, threatening to compound a global surplus.

Traders have monitored economic data and remarks from policymakers for clues on the path of interest rates. The Federal Reserve Bank of New York said its Empire State index declined this month as analysts projected expansion, while data on U.S. manufacturers signaled recovery. Investors also weighed comments from Fed Vice Chairman Stanley Fischer, who sees limits to how far the central bank can pursue a strategy to push unemployment ever lower.

“People are trying to figure out what the Fed is going to do,” Thomas Garcia, head of equity trading at Thornburg Investment Management in Santa Fe, New Mexico, said by phone.

Futures indicate a 67 percent probability the Fed will raise rates by its December meeting, up from around 50 percent as recently as Sept. 27, according to calculations by Bloomberg.

The Dow Jones industrial average lost 51.98 points, or 0.3 percent, to 18,086.40. The average was down as much as 75 points earlier in the day. Its two biggest decliners: McDonald’s and Nike, each down 1 percent.

The S&P 500 index slid 6.48 points, or 0.3 percent, to 2,126.50. The Nasdaq composite index fell 14.34 points, or 0.3 percent, to 5,199.82.