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 | 46429.49 | +305.43 | +0.66% |
| SP500 | S&P 500 | 6591.9 | +35.53 | +0.54% |
| I:COMP | NASDAQ COMPOSITE INDEX | 21929.825366 | +167.93 | +0.77% |
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. | 295.52 | +3.07 | +1.05% |
| C | CITIGROUP INC. | 114.48 | +0.74 | +0.65% |
| CFG | CITIZENS FINANCIAL GROUP INC. (RHODE ISLAND) | 59.42 | +0.48 | +0.81% |
| WFC | WELLS FARGO & CO. | 80.27 | +0.63 | +0.79% |
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. | 205.15 | -1.64 | -0.79% |
| XOM | EXXON MOBIL CORP. | 163.25 | -2.08 | -1.26% |
| HAL | HALLIBURTON CO. | 38.63 | +0.52 | +1.36% |
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. | 289.59 | +0.39 | +0.13% |
| MSFT | MICROSOFT CORP. | 371.04 | -1.70 | -0.46% |
| AAPL | APPLE INC. | 252.62 | +0.98 | +0.39% |
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. | 385.95 | +2.92 | +0.76% |
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%.