Nasdaq falls ahead of earnings, economic data while oil rallies
SPY•The Nasdaq fell 0.44% and the S&P 500 slipped 0.06% on Monday, while the Dow rose 0.38%, as oil prices rallied and investors awaited bank earnings and economic data. Oil futures climbed nearly $2 a barrel after attacks on a Saudi airport.
1. Indexes end mixed
The Dow Jones Industrial Average rose 195.60 points to 51,850.55, while the S&P 500 fell 4.30 points to 7,807.24 and the Nasdaq Composite lost 120.27 points to 27,245.90. Trading volume was 12.67 billion shares, below the 20-day average of 17.62 billion.
2. Oil and sectors
Oil futures rallied nearly $2 a barrel after deadly weekend strikes on Riyadh's international airport. Energy shares gained 1.5%, the strongest advance among the S&P 500's 11 sectors, while technology fell 0.9%; the Philadelphia semiconductor index dropped 2.7%.
3. Investors await data
Investors were looking ahead to third-quarter results from major banks, including Goldman Sachs, Citigroup and JPMorgan Chase, due Tuesday. Analysts expected S&P 500 earnings to rise 30.6%. September inflation readings and retail sales data were also due this week, while traders priced in a nearly 22% chance of a Federal Reserve rate hike this month.
