U.S. stocks began the week with mixed trading, maintaining proximity to all-time highs on Monday. The S&P 500 was largely unchanged, trading around its record set the previous week. The Dow Jones Industrial Average gained 91 points, or 0.2%, by 9:58 a.m. Eastern time, while the Nasdaq composite dipped by 0.1%.
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Energy stocks experienced significant gains, driven by a surge in oil prices. Exxon Mobil's shares rose by 1.8%, and Chevron increased by 1.9%. Conversely, technology stocks weighed down the market; Micron Technology's shares dropped by 4.2%, and Advanced Micro Devices fell by 1.8%. These companies have substantial stock values that heavily influence market trends.
Brent crude oil, the international benchmark, rose 2.1% to $106.95 per barrel, fluctuating between $96 and nearly $110 over the past month amid uncertainties regarding the impact of the U.S. war with Iran on global energy supplies and inflation. This price increase occurred despite President Donald Trump's announcement on social media that he reached a deal to purchase Russian diesel with President Vladimir Putin, aiming to mitigate rising fuel costs ahead of the upcoming U.S. midterm elections. However, this plan contradicts U.S. efforts to restrict revenue sources for Russia linked to its activities in Ukraine.
The rise in energy prices and its broader economic implications will be scrutinized this week as Wall Street anticipates key economic updates, including data on housing, inflation, and retail sales. Earnings reports from major banks such as Citigroup, JPMorgan Chase, and Wells Fargo are also expected to ramp up this week. Meanwhile, U.S. bond trading was closed in observance of the Columbus Day holiday.
European markets showed gains, whereas Asian markets mostly declined, with Tokyo markets closed for a holiday.
AP Business Writers Michelle Chapman and Elaine Kurtenbach contributed to this report.