Stocks mixed as oil hits 7-year high
WTI crude oil hit $83.87 earlier on Monday before pulling back
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 | 39760.08 | +477.75 | +1.22% |
SP500 | S&P 500 | 5248.49 | +44.91 | +0.86% |
I:COMP | NASDAQ COMPOSITE INDEX | 16399.520634 | +83.82 | +0.51% |
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.
CHINA'S ECONOMY STUMBLES ON POWER CRUNCH, PROPERTY WOES
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. | 156.35 | +1.08 | +0.70% |
FANG | DIAMONDBACK ENERGY INC. | 196.53 | +2.28 | +1.17% |
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. | 199.52 | +3.79 | +1.94% |
BAC | BANK OF AMERICA CORP. | 37.81 | +0.72 | +1.94% |
C | CITIGROUP INC. | 62.75 | +1.09 | +1.77% |
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. | 49.61 | +1.50 | +3.12% |
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. | 120.98 | +1.05 | +0.88% |
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 | 21.41 | +0.08 | +0.38% |
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. | 15.30 | +0.38 | +2.55% |
JNJ | JOHNSON & JOHNSON | 157.96 | +2.19 | +1.41% |
NFLX | NETFLIX INC. | 613.53 | -15.71 | -2.50% |
TSLA | TESLA INC. | 179.83 | +2.16 | +1.22% |
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%.