Stocks mixed amid oil price gains, weak consumer discretionary shares

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SkyBridge Capital Co-CIO Troy Gayeski on the outlook for the U.S. economy and markets.

Equities closed mixed Monday in a tight range as surging oil prices lifted energy company stocks, but fading consumer discretionary shares weighed on major averages, like the Dow Jones Industrial Average.

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Investors also were waiting to see how 12 Dow components report earnings and revenue this week for the first three months of the year. Among corporations posting results are Amazon, United Technologies, Procter & Gamble, Verizon, Boeing, Caterpillar, Microsoft, Facebook and Exxon Mobil.

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In addition, 148 corporations in the S&P 500 will post quarterly reports.

Michael Arone, chief investment strategist at State Street Global Advisors, a great deal of "really good news is already reflected in [stock] prices, and that’s why we’re struggling to move materially higher," according to the Wall Street Journal.

Crude oil prices jumped as the U.S. announced Monday that it will not extend waivers to buy Iranian crude oil for eight countries, including Turkey, South Korea, China, India and Japan, when those waivers expire in early May.

TickerSecurityLastChange%Chg
AMCAMC ENTERTAINMENT HOLDINGS INC12.69-0.26-2.01%
AAPADVANCE AUTO PARTS158.09-1.71-1.07%
XOMEXXON MOBIL CORPORATION74.10+0.31+0.42%
MPCMARATHON PETROLEUM CORP50.29+0.15+0.30%

Shares of petroleum companies and consumer discretionary corporations moved in opposite directions.

The announcement, made by Secretary of State Mike Pompeo, reflects the White House goal of getting Iranian oil exports to zero.

Crude oil prices promptly surged more than 2 percent to more than $65 per barrel for the first time since November on concerns about how the U.S. termination of Iranian oil waivers will affect global supply.

TickerSecurityLastChange%Chg
I:DJIDOW JONES AVERAGES25585.69+95.22+0.37%
SP500S&P 5002826.06+3.82+0.14%
I:COMPNASDAQ COMPOSITE INDEX7637.008585+8.72+0.11%

U.S. home sales fell more tha expected last month, signaling more weakness in the housing market despite declining mortgage interest rates, according to Reuters.

China’s Shanghai Composite closed down 1.70 percent, the Hang Seng was off 0.54 percent and Japan’s Nikkei 225 edged up 0.08 percent.

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European stocks were idle for the Easter holiday.

The Associated Press contributed to this report.