Stocks mixed as oil hits 3-year high
10-year yield climbs to highest level since June
Top stocks hit by supply chain issues
Phil Flynn of The Price Futures Group joins Great Hill Capital chairman Thomas Hayes on 'The Claman Countdown'
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 | 49191.99 | -398.21 | -0.80% |
| SP500 | S&P 500 | 6963.74 | -13.53 | -0.19% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23709.87251 | -24.03 | -0.10% |
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. | 310.77 | -13.69 | -4.22% |
| C | CITIGROUP INC. | 116.28 | -1.38 | -1.17% |
| CFG | CITIZENS FINANCIAL GROUP INC. (RHODE ISLAND) | 59.78 | -0.42 | -0.70% |
| WFC | WELLS FARGO & CO. | 93.48 | -1.52 | -1.60% |
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. | 163.88 | +1.52 | +0.94% |
| XOM | EXXON MOBIL CORP. | 126.50 | +2.50 | +2.02% |
| HAL | HALLIBURTON CO. | 32.61 | +0.71 | +2.24% |
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. | 336.41 | +3.68 | +1.11% |
| MSFT | MICROSOFT CORP. | 470.67 | -6.51 | -1.36% |
| AAPL | APPLE INC. | 261.05 | +0.80 | +0.31% |
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. | 447.20 | -1.76 | -0.39% |
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%.