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%.