Stocks mixed as oil hits 7-year high
WTI crude oil hit $83.87 earlier on Monday before pulling back
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BofA Securities head of U.S. economics Michelle Meyer and 'Barron's Roundtable' panelists discuss state of the economy.
U.S. stock indexes were mixed Monday as oil prices ticked to seven-year highs and industrial production slowed.
The Dow Jones Industrial Average fell 36 points, or 0.1%, while the S&P 500 index and the Nasdaq Composite index advanced 0.34% and 0.84%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38712.9 | +487.24 | +1.27% |
| SP500 | S&P 500 | 5132.86 | +68.66 | +1.36% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16177.598791 | +336.64 | +2.13% |
Industrial production fell 1.3% in September, missing the 0.2% gain that was expected. The August print was revised lower to a 0.1% contraction from a previous reading of 0.4% growth.
Elsewhere, the Chinese economy grew at a 4.9% pace in July through September from a year earlier, down from 7.9% in the previous quarter, as ongoing supply bottlenecks and the Evergrande debt crisis weighed on confidence. Economists surveyed by Refinitiv were expecting 5.2% growth.
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In stocks, oil companies, including Chevron Corp. and Diamondback Energy Inc., were in focus as West Texas Intermediate crude oil touched a seven-year high of $83.87 before paring its gains and finishing up 16 cents at $82.44 a barrel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 160.73 | +1.10 | +0.69% |
| FANG | DIAMONDBACK ENERGY INC. | 197.63 | +1.62 | +0.83% |
Meanwhile, financials were in focus as the yield on the 10-year Treasury note rose 1 basis point to 1.58%, holding near a four-month high.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 191.66 | -0.20 | -0.10% |
| BAC | BANK OF AMERICA CORP. | 36.88 | -0.07 | -0.19% |
| C | CITIGROUP INC. | 61.54 | +0.19 | +0.31% |
Zillow Group Inc. will put its homebuying program on hold as it works through a backlog of inventory, according to a report from Bloomberg News.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ZG | ZILLOW GROUP INC. | 39.19 | -2.25 | -5.43% |
Walt Disney Co. was cut to "equal-weight" from "overweight" at Barclays, which also lowered its price target to $175 from $210 amid concerns over slowing subscriber growth for its streaming service.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 112.62 | +2.14 | +1.94% |
In earnings, Albertsons Companies Inc. beat on both the top and bottom lines and hiked its quarterly dividend by 20%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ACI | ALBERTSONS COMPANIES | 20.55 | -0.17 | -0.82% |
American Airlines Group Inc., Johnson & Johnson, Netflix Inc and Tesla Inc. are among the companies reporting their quarterly results later this week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 13.87 | +0.28 | +2.10% |
| JNJ | JOHNSON & JOHNSON | 149.92 | -1.26 | -0.83% |
| NFLX | NETFLIX INC. | 577.42 | +12.27 | +2.17% |
| TSLA | TESLA INC. | 180.10 | +0.11 | +0.06% |
Overseas markets were mostly weaker.
European bourses were lower across the board with Britain’s FTSE 100 sliding 0.42%, Germany’s DAX 30 declining 0.72% and France’s CAC 40 falling 0.81%.
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In Asia, China’s Shanghai Composite index and Japan’s Nikkei 225 lost 0.12% and 0.15%, respectively, while Hong Kong’s Hang Seng index edged up 0.31%.