Wall Street mixed as oil prices surge, investors await earnings and economic data
SPY•US stocks were mixed, with the Dow up 0.34%, the S&P 500 down 0.13% and the Nasdaq down 0.46% as oil prices rose and investors awaited earnings and economic data. US crude futures gained more than 2%, while Brent traded above $106 a barrel.
1. Indexes trade unevenly
US stock indexes were mixed on Monday as oil prices reached their highest in almost two weeks and investors awaited third-quarter earnings and key economic releases. At 2:16 p.m. ET, the Dow rose 0.34% to 51,830.46, the S&P 500 fell 0.13% to 7,801.03 and the Nasdaq lost 0.46% to 27,240.09.
2. Oil and sectors
US crude futures rose more than 2%, and Brent traded above $106 a barrel after deadly strikes on Riyadh’s international airport over the weekend. Energy was the S&P 500’s strongest sector, up 1.4%, while technology fell roughly 1% and the Philadelphia semiconductor index dropped 2.6%.
3. Investors await data
Major US banks, including Goldman Sachs, Citigroup and JPMorgan Chase, were due to report on Tuesday. September consumer and producer inflation readings and retail sales data were also due later in the week. Cleveland Fed President Beth Hammack said the central bank should move “relatively quickly” to a restrictive policy stance to fight inflation.
