Equities little changed as oil rallies while earnings, inflation loom
SPY•SPY•SPY•SPY•Global equities were little changed as oil prices rose amid attacks on Saudi Arabia, with investors awaiting September inflation data and the start of third-quarter earnings from major US banks. US crude gained 2.14% to $93.82 a barrel, while Brent rose 2.13% to $106.95.
MSCI’s global equities gauge fell 0.06%, while the pan-European STOXX 600 rose 0.61%. In early US trading, the Dow gained 0.49%, the S&P 500 slipped 0.05% and the Nasdaq fell 0.33%. Oil prices climbed as attacks on Saudi Arabia overshadowed hopes for improved supply.
Investors were waiting for September inflation data and the third-quarter earnings season, which starts Tuesday with reports from JPMorgan and Goldman Sachs; Bank of America is due Wednesday. S&P 500 earnings are expected to rise more than 30% in the quarter, while the CPI is expected to increase 0.6% for the month and 3.7% annually. The dollar index rose 0.24% to 102.44.
