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WTI oil flirts with first close above $75 since July

U.S. stock indexes were mixed Monday as a critical week kicks off on Capitol Hill. 

The Dow Jones Industrial Average rose 100 points, or 0.29%, while the S&P 500 index slipped 0.21% and the Nasdaq Composite index fell 0.71%. 

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES34903.01+105.01+0.30%
SP500S&P 5004440.24-15.24-0.34%
I:COMPNASDAQ COMPOSITE INDEX14925.280418-122.42-0.81%

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 4 basis points to 1.49%, where it was on track for its highest close since late-June. 

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.

TickerSecurityLastChangeChange %
JPMJPMORGAN CHASE & CO.167.20+4.24+2.60%
CCITIGROUP, INC.72.52+1.37+1.93%
CFGCITIZENS FINANCIAL GROUP, INC. (RHODE ISLAND)47.12+1.76+3.89%

Oil-related names, including Chevron Corp., ExxonMobil Corp. and Haliburton Co.,

outperformed as West Texas Intermediate crude oil climbed $1.37 to $75.35 a barrel. WTI has not closed above $75 since July. 

TickerSecurityLastChangeChange %
CVXCHEVRON CORP.103.19+2.58+2.56%
XOMEXXON MOBIL CORP.59.63+2.00+3.48%
HALHALLIBURTON CO.22.24+1.23+5.85%

Meanwhile, Alphabet Inc., Microsoft Corp. and Apple Inc. lagged as mega-cap technology and other growth areas were out of favor.  

TickerSecurityLastChangeChange %
GOOGALPHABET, INC.2,821.84-30.82-1.08%
MSFTMICROSOFT CORP.293.12-6.23-2.08%
AAPLAPPLE, INC.144.93-2.00-1.36%

Tesla Inc. was in focus after reports said CEO Elon Musk sent a letter to employees telling them this is the company’s “most intense delivery week ever.”

TickerSecurityLastChangeChange %
TSLATESLA, INC.792.07+17.68+2.28%

Overseas markets were mixed. 

European trading was choppy as Germany’s DAX 30 advanced 0.21% 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 0.22% and Britain’s FTSE 100 slid 0.08%. 

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%.

Original Article – Fox Business

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