Oil surge keeps S&P 500, Nasdaq in check before earnings; Salesforce lifts Dow
SPY•The S&P 500 rose 0.08% and the Nasdaq slipped 0.04% as oil prices climbed ahead of bank earnings and inflation data. Salesforce gained 3.5% after a double upgrade, helping the Dow rise 0.21%.
1. Indexes little changed
The S&P 500 and Nasdaq were little changed on Monday as technology stocks came under pressure with Brent crude above $106 a barrel. Energy stocks rose 1.8%, while heavyweight technology stocks fell 0.2%.
2. Earnings and data ahead
Major US banks including Goldman Sachs, Citigroup and JPMorgan Chase were set to begin reporting earnings on Tuesday. S&P 500 earnings were expected to rise 30.6% in the third quarter, LSEG IBES data showed. Investors were also watching for US inflation and retail sales data due later in the week.
3. Company moves
Salesforce rose 3.5% after BofA Global Research upgraded the stock to “buy” from “underperform.” IonQ slipped 4.7% after announcing an all-stock deal to buy privately held Elisity for up to $1.3 billion. IREN gained 2% after a report that Anthropic had entered a multi-year cloud deal with the data-center firm.
