Stocks mixed as oil hits 7-year high
WTI crude oil hit $83.87 earlier on Monday before pulling back
BofA Securities head: Over-inflation 'real concern' for markets
BofA Securities head of U.S. economics Michelle Meyer and 'Barron's Roundtable' panelists discuss state of the economy.
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 | 41911.71 | -890.01 | -2.08% |
| SP500 | S&P 500 | 5614.56 | -155.64 | -2.70% |
| I:COMP | NASDAQ COMPOSITE INDEX | 17468.32141 | -727.90 | -4.00% |
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. | 157.57 | +1.23 | +0.79% |
| FANG | DIAMONDBACK ENERGY INC. | 140.58 | +0.47 | +0.34% |
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. | 232.22 | -10.06 | -4.15% |
| BAC | BANK OF AMERICA CORP. | 39.84 | -1.53 | -3.70% |
| C | CITIGROUP INC. | 67.41 | -3.05 | -4.33% |
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. | 70.17 | -3.68 | -4.98% |
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. | 103.08 | -2.43 | -2.30% |
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 | 21.15 | -0.31 | -1.44% |
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. | 12.50 | -0.53 | -4.07% |
| JNJ | JOHNSON & JOHNSON | 167.70 | +1.01 | +0.61% |
| NFLX | NETFLIX INC. | 866.68 | -24.43 | -2.74% |
| TSLA | TESLA INC. | 222.15 | -40.52 | -15.43% |
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%.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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%.