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 35227.03 +646.95 +1.87%
SP500 S&P 500 4591.67 +53.24 +1.17%
I:COMP NASDAQ COMPOSITE INDEX 15225.152466 +139.68 +0.93%

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. 116.20 +1.79 +1.56%
FANG DIAMONDBACK ENERGY, INC. 108.23 +2.23 +2.10%

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. 160.16 +1.90 +1.20%
BAC BANK OF AMERICA CORP. 44.15 +0.28 +0.64%
C CITIGROUP, INC. 62.52 -0.24 -0.38%

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. 60.27 +0.84 +1.41%

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. 150.37 +4.15 +2.84%

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 36.85 +1.17 +3.28%

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. 17.93 +1.31 +7.88%
JNJ JOHNSON & JOHNSON 162.94 +3.56 +2.23%
NFLX NETFLIX, INC. 612.69 +10.56 +1.75%
TSLA TESLA, INC. 1,009.01 -5.96 -0.59%

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%.