Stocks mixed as oil hits 3-year high

10-year yield climbs to highest level since June

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 35741.15 +64.13 +0.18%
SP500 S&P 500 4566.48 +21.58 +0.47%
I:COMP NASDAQ COMPOSITE INDEX 15226.706157 +136.51 +0.90%

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. 170.94 -0.84 -0.49%
C CITIGROUP, INC. 70.83 -0.54 -0.76%
CFG CITIZENS FINANCIAL GROUP, INC. (RHODE ISLAND) 50.31 +0.03 +0.06%
WFC WELLS FARGO & CO. 50.62 -0.04 -0.08%

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. 113.89 +1.04 +0.92%
XOM EXXON MOBIL CORP. 64.40 +1.25 +1.98%
HAL HALLIBURTON CO. 26.22 +0.33 +1.27%

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. 2,775.46 +2.96 +0.11%
MSFT MICROSOFT CORP. 308.13 -1.03 -0.33%
AAPL APPLE, INC. 148.64 -0.05 -0.03%

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. 1,024.86 +115.18 +12.66%

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%.