Nasdaq falls ahead of earnings, economic data while oil rallies
Oil prices jumped nearly $2 a barrel as investors awaited bank earnings and inflation data, while technology stocks led Nasdaq losses.
- The Nasdaq Composite closed lower on Oct 12 as oil prices jumped nearly $2 a barrel following attacks on a Riyadh airport, leaving investors cautious ahead of key bank earnings.
- Investors remain wary of inflation and bond yields' advance to 24-year highs, even as analysts anticipate corporate earnings will surge 30.6% during the third quarter.
- Technology laggards fell 2.7% after hitting a three-week low, while energy stocks outperformed with a 1.5% advance due to rising oil prices.
- Traders are pricing in an almost 22% chance the Federal Reserve will hike interest rates this month, according to CME's FedWatch tool, up from 17.7% on Friday.
- While President Donald Trump recently discussed a Russia-Ukraine ceasefire on energy targets, the attacks overshadowed prospects for increased supply, keeping markets focused on security concerns.
11 Articles
11 Articles
Nasdaq falls ahead of earnings, economic data while oil rallies
The technology-heavy Nasdaq composite closed lower on Monday as oil prices jumped nearly $2 a barrel after attacks on a Saudi airport, and investors waited for banks to kick off the third-quarter earnings season and for economic data this week.
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Nasdaq Falls as Oil Prices Surge Following Saudi Airport Attacks, Investors Await Bank Earnings
Wall Street ended Monday's session mixed as a sharp increase in crude oil prices weighed on technology shares and heightened inflation concerns, while energy stocks ... The post Nasdaq Falls as Oil Prices Surge Following Saudi Airport Attacks, Investors Await Bank Earnings first appeared on [your]NEWS.
US stocks: Nasdaq ends lower as oil prices surge ahead of earnings, economic data
The Nasdaq composite index faced a downturn as oil prices surged following attacks on a Saudi airport. With major banks set to release their earnings reports, investor focus sharpens this week. The S&P 500 and Dow Jones saw mixed performances, while the energy sector thrived. Heightened inflation concerns due to rising oil costs have begun to sway investor confidence, mirroring a cautious market atmosphere tied to earnings and economic uncertain…
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