Nasdaq slips as oil jumps and investors await bank earnings

what happened

According to Newsmetry API, the Nasdaq Composite ended Monday down 120.27 points, or 0.44%, at 27,245.90. The S&P 500 fell 4.30 points, or 0.06%, to 7,807.24, while the Dow Jones Industrial Average added 195.60 points, or 0.38%, to 51,850.55. Trading volume reached 12.67 billion shares, below the 20-day average of 17.62 billion.

Oil futures gained nearly $2 a barrel after deadly strikes hit Riyadh's international airport over the weekend. The attacks outweighed expectations of higher supplies following US President Donald Trump's comments on new Russian diesel exports and a possible Russia-Ukraine ceasefire involving energy targets.

Investors are preparing for reports from Goldman Sachs, Citigroup and JPMorgan Chase early Tuesday. Analysts surveyed in LSEG IBES data expect S&P 500 earnings to rise 30.6% in the third quarter. September US consumer and producer inflation figures, along with retail sales data, are also due this week.

The energy sector rose 1.5%, leading the S&P 500's 11 major industry groups. Technology fell 0.9%, while the Philadelphia semiconductor index dropped 2.7%. Microsoft gained 1.1%, Salesforce rose 2% and eBay advanced 2%; Chipotle Mexican Grill lost 3.8%. Cleveland Fed President Beth Hammack said the central bank should move “relatively quickly” toward a more restrictive policy. CME FedWatch showed traders pricing an almost 22% chance of a rate hike this month, up from 17.7% on Friday.

why it matters

Higher oil prices renewed inflation concerns while investors assessed recent gains in bond yields and awaited key earnings and economic reports. The combination favored energy shares but weighed on technology and semiconductor stocks.

instruments