Mixed Trading Keeps Market Near Record
Wall Street opened a hectic week Monday with uneven results, keeping the market close to its record peak. The S&P 500 barely moved and was trading near the all-time high it reached last week. By 9:58 a.m. Eastern time, the Dow Jones Industrial Average had gained 91 points, or 0.2%. Meanwhile, the Nasdaq composite slipped 0.1%.[S1][S2][S3][S4][S5][S6][S7][S8]
As crude prices climbed, energy companies posted some of the strongest advances. Exxon Mobil added 1.8% and Chevron gained 1.9%. On the other side, technology shares dragged the market down the most. Micron Technology dropped 4.2% and Advanced Micro Devices lost 1.8%. These are among the sector's large-cap names whose size gives them outsized sway over overall market direction.[S1]
Oil Prices Jump Amid Geopolitical Uncertainty
Brent crude, the global benchmark, climbed 2.1% to reach $106.95 a barrel. Over the past month, the price has fluctuated between $96 and close to $110 amid questions about when the U.S. conflict with Iran might end and how it will keep affecting worldwide energy supplies and inflation.[S1]
The increase came even after President Donald Trump said on social media Friday that he had reached an agreement with Russian President Vladimir Putin to purchase Russian diesel, a move intended to ease a surge in fuel costs before the Nov. 3 U.S. midterm elections. That approach, however, conflicts with American efforts to restrict the revenue Russia earns from oil and gas sales, which can help fund its war in Ukraine.[S1]
Key Economic Data and Earnings Ahead
This week, investors will be watching how the jump in energy costs affects the wider economy, with several major economic reports due. These include new figures on housing, inflation and retail sales. Corporate earnings season also picks up pace, with results expected from banks such as Citigroup, JPMorgan Chase and Wells Fargo.[S1]
U.S. bond markets were shut Monday for the Columbus Day holiday. European markets finished higher, while Asian markets were mostly down. Trading in Tokyo was closed for a holiday.[S1]
