The S&P 500 closed just below the flatline on Monday after the major averages posted a winning week, as investors looked ahead to a busy week of earnings results and inflation data. The broad index fell 0.06% to end at 7,807.24, while the Dow Jones Industrial Average outperformed, rising 195.60 points, or 0.38%, to 51,850.55. The Nasdaq Composite lost 0.44% to close at 27,245.90.
The Nasdaq was weighed down by a 3.9% drop in shares of Micron Technology, as investors assessed increasing competition from China's CXMT, which reported progress on a new chip structure. The Dow was boosted by a 2% rise in Salesforce shares after the company received a double upgrade at Bank of America. Oil prices also rose after President Donald Trump announced an "energy ceasefire" between Russia and Ukraine over the weekend, which Ukrainian President Volodymyr Zelenskyy said Moscow had already violated. West Texas Intermediate futures advanced 2.06% to $93.74 per barrel, while Brent crude gained 1.84% to $106.65 per barrel.
Trump also said he was considering joining Saudi Arabia in its fight against Tehran-backed Houthis in Yemen after another deadly attack on Riyadh's international airport, raising the prospect of escalating regional tensions.
Earnings season ramps up this week with the big banks, including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo. According to FactSet's John Butters, the S&P 500 is set to post 29.6% earnings growth in the quarter, its fourth straight quarter above 25%, driven by the AI data center buildout. September consumer and producer price indexes are due Wednesday and Thursday.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing