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Stock market today: Dow gains, S&P 500 and Nasdaq slip as focus turns to earnings season kickoff
US stocks rose on Monday as investors geared up for big bank earnings on Tuesday and watched energy markets for geopolitical developments.
The Dow Jones Industrial Average (^DJI) rose nearly 0.4%, while the S&P 500 (^GSPC) slipped below the flat line. The tech-heavy Nasdaq Composite (^IXIC) sank 0.4% after a winning week on Wall Street, with the S&P 500 and Nasdaq postingrecord highs.
Bond markets are closed for Columbus Day, also observed as Indigenous Peoples Day.
(^DJI)
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51,850.55+195.60(+0.38%)
At close: 4:43:51 PM EDT
^DJI^GSPC^IXIC
The bull market turned four on Monday, with many strategists expecting more room for stocks to run. However, concerns over an AI bubble, elevated Treasury yields, and geopolitical uncertainty present hurdles.
Memory makers Micron (MU) and SK Hynix (000660.KS, SKHY) declined on Monday amid growing concerns about intensifying Chinese competition.
Investors expect corporate America to deliver another quarter of robust earnings growth, and that optimism will face its first test on Tuesday when several major banks, including JPMorgan (JPM), Goldman Sachs (GS), Citi (C), and Wells Fargo (WFC), report results.
Oil prices edged higher, with Brent crude futures (BZ=F) rising to $106 per barrel and WTI crude (CL=F) up to $93 per barrel, after Russia struck Ukrainian power plants. The attacks came after President Trump said Russia and Ukraine agreed to refrain from targeting each other’s energy infrastructure.
At the same time, Trump suggested the US may join Saudi Arabia in attacks on the Houthis following Houthi strikes on Saudi Arabia’s main airport, which killed 12 over the weekend. Such a move would risk escalating the war in the Middle East.
While no economic data is slated for release on Monday, key inflation and retail sales data will be released on Wednesday and Thursday.
