Stocks mixed as oil hits 3-year high
10-year yield climbs to highest level since June
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U.S. stock indexes were mixed Monday as a critical week kicked off on Capitol Hill.
The Dow Jones Industrial Average rose 72 points, or 0.21%, while the S&P 500 index and the Nasdaq Composite index declined 0.28% and 0.52%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 39606.57 | +419.59 | +1.07% |
| SP500 | S&P 500 | 5375.86 | +88.10 | +1.67% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16708.050306 | +407.63 | +2.50% |
Lawmakers on Capitol Hill will have their hands full this week with expected votes on President Biden’s $3.5 trillion spending plan, a bipartisan infrastructure deal and raising the debt ceiling all set to take place.
Durable goods orders rose 1.8% last month, exceeding the 0.7% increase that analysts surveyed by Refinitiv were expecting. Following the strong report, traders sold U.S. Treasurys, pushing the yield on the 10-year note up 3 basis points to 1.48%, a three-month high.
In stocks, JPMorgan Chase & Co., Citigroup Inc. and Citizens Financial Group Inc. were among the names benefitting from rising bond yields and a steeper yield curve.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 240.79 | +5.20 | +2.21% |
| C | CITIGROUP INC. | 66.28 | +1.73 | +2.67% |
| CFG | CITIZENS FINANCIAL GROUP INC. (RHODE ISLAND) | 36.49 | +0.67 | +1.87% |
| WFC | WELLS FARGO & CO. | 67.91 | +1.70 | +2.56% |
Wells Fargo & Co. lagged in the financial space after saying it would pay $37.3 million to resolve claims that it fraudulently overcharged commercial clients for foreign exchange services.
Oil-related names, including Chevron Corp., ExxonMobil Corp. and Haliburton Co., outperformed as West Texas Intermediate crude oil climbed $1.47 to $75.45 a barrel, the highest since October 2018.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 136.66 | -0.64 | -0.47% |
| XOM | EXXON MOBIL CORP. | 107.32 | -0.98 | -0.90% |
| HAL | HALLIBURTON CO. | 20.61 | -0.10 | -0.46% |
Meanwhile, Alphabet Inc., Microsoft Corp. and Apple Inc. were lower as growth areas were out of favor.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOG | ALPHABET INC. | 157.72 | +3.82 | +2.48% |
| MSFT | MICROSOFT CORP. | 374.39 | +7.57 | +2.06% |
| AAPL | APPLE INC. | 204.60 | +4.86 | +2.43% |
Tesla Inc. outperformed after reports said CEO Elon Musk sent a letter to employees telling them this is the company’s "most intense delivery week ever."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 250.74 | +12.77 | +5.37% |
Overseas markets were mixed.
European trading was choppy as Germany’s DAX 30 advanced 0.27% after election results showed the center-left Social Democrats narrowly beat outgoing Chancellor Angel Merkel’s conservatives.
Elsewhere in the region, France’s CAC 30 rose 0.19% and Britain’s FTSE 100 added 0.17%.
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In Asia, China’s Shanghai Composite index and Japan’s Nikkei 225 lost 0.84% and 0.03%, respectively, while Hong Kong’s Hang Seng index ticked up 0.07%.