Nasdaq ends lower as oil prices surge ahead of earnings, economic data
SPY•The Nasdaq fell 0.44% and the S&P 500 slipped 0.05% as oil prices jumped nearly $2 a barrel; the Dow rose 0.38%. Investors awaited bank earnings and US inflation and retail sales data due this week.
1. Indexes diverge
The Nasdaq Composite closed down 120.17 points, or 0.44%, at 27,246.00 on Monday. The S&P 500 lost 3.75 points, or 0.05%, to 7,807.79, while the Dow Jones Industrial Average gained 198.22 points, or 0.38%, to 51,853.17.
2. Oil and earnings in focus
Oil prices rose nearly $2 a barrel after deadly strikes on Riyadh's international airport over the weekend. Investors were also looking ahead to third-quarter earnings, with Goldman Sachs, Citigroup and JPMorgan Chase due to report Tuesday; analysts expected S&P 500 earnings to rise 30.6%, according to LSEG IBES data. September consumer and producer inflation readings and retail sales data are also due this week.
3. Sector and stock moves
Energy outperformed the S&P 500's major sectors, while technology and consumer discretionary lagged. Chip stocks weakened, and the Philadelphia semiconductor index hit a three-week low. Salesforce rose after BofA Global Research upgraded it to buy, while Chipotle fell after Starbucks said it was not buying the burrito chain. Microsoft gained 0.9%; its market capitalization earlier topped $4 trillion for the first time in a year after it announced plans for a major deployment of its own AI chips.
