Stocks mixed as oil hits 3-year high
10-year yield climbs to highest level since June
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U.S. stock indexes were mixed Monday as a critical week kicked off on Capitol Hill.
The Dow Jones Industrial Average rose 72 points, or 0.21%, while the S&P 500 index and the Nasdaq Composite index declined 0.28% and 0.52%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 49359.33 | -83.11 | -0.17% |
| SP500 | S&P 500 | 6940.01 | -4.46 | -0.06% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23515.387515 | -14.63 | -0.06% |
Lawmakers on Capitol Hill will have their hands full this week with expected votes on President Biden’s $3.5 trillion spending plan, a bipartisan infrastructure deal and raising the debt ceiling all set to take place.
Durable goods orders rose 1.8% last month, exceeding the 0.7% increase that analysts surveyed by Refinitiv were expecting. Following the strong report, traders sold U.S. Treasurys, pushing the yield on the 10-year note up 3 basis points to 1.48%, a three-month high.
In stocks, JPMorgan Chase & Co., Citigroup Inc. and Citizens Financial Group Inc. were among the names benefitting from rising bond yields and a steeper yield curve.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 312.41 | +3.06 | +0.99% |
| C | CITIGROUP INC. | 118.07 | +0.61 | +0.52% |
| CFG | CITIZENS FINANCIAL GROUP INC. (RHODE ISLAND) | 60.82 | +0.21 | +0.35% |
| WFC | WELLS FARGO & CO. | 88.37 | -0.57 | -0.65% |
Wells Fargo & Co. lagged in the financial space after saying it would pay $37.3 million to resolve claims that it fraudulently overcharged commercial clients for foreign exchange services.
Oil-related names, including Chevron Corp., ExxonMobil Corp. and Haliburton Co., outperformed as West Texas Intermediate crude oil climbed $1.47 to $75.45 a barrel, the highest since October 2018.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 166.26 | +0.10 | +0.06% |
| XOM | EXXON MOBIL CORP. | 129.89 | +0.76 | +0.59% |
| HAL | HALLIBURTON CO. | 32.57 | -0.21 | -0.64% |
Meanwhile, Alphabet Inc., Microsoft Corp. and Apple Inc. were lower as growth areas were out of favor.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOG | ALPHABET INC. | 330.34 | -2.82 | -0.85% |
| MSFT | MICROSOFT CORP. | 459.86 | +3.20 | +0.70% |
| AAPL | APPLE INC. | 255.52 | -2.69 | -1.04% |
Tesla Inc. outperformed after reports said CEO Elon Musk sent a letter to employees telling them this is the company’s "most intense delivery week ever."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 437.50 | -1.07 | -0.24% |
Overseas markets were mixed.
European trading was choppy as Germany’s DAX 30 advanced 0.27% after election results showed the center-left Social Democrats narrowly beat outgoing Chancellor Angel Merkel’s conservatives.
Elsewhere in the region, France’s CAC 30 rose 0.19% and Britain’s FTSE 100 added 0.17%.
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In Asia, China’s Shanghai Composite index and Japan’s Nikkei 225 lost 0.84% and 0.03%, respectively, while Hong Kong’s Hang Seng index ticked up 0.07%.