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U.S. stock indexes closed on session lows as oil prices hit a seven-year high and financials weighed on the S&P 500 ahead of key earnings later this week.
The Dow Jones Industrial Average fell 249 points or 0.72%, while the S&P 500 index and the Nasdaq Composite index declined 0.69% and 0.64%, respectively. The Dow had gained 205 points at its best levels of the day. Trading was light as the U.S. Treasury market was closed for Columbus Day.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34496.06 | -250.19 | -0.72% |
| SP500 | S&P 500 | 4361.19 | -30.15 | -0.69% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14486.200385 | -93.34 | -0.64% |
In stocks, Diamondback Energy Inc., ExxonMobil Corp. and Cabot Oil & Gas Corp. were among the energy companies in focus as West Texas Intermediate crude soared $1.17 to $80.52 a barrel. The energy component early on Monday briefly topped $82, hitting a 7-year high.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FANG | DIAMONDBACK ENERGY, INC. | 110.73 | +0.83 | +0.76% |
| XOM | EXXON MOBIL CORP. | 61.56 | -0.62 | -1.00% |
| CTRA | COTERRA ENERGY, INC. | 21.52 | -0.75 | -3.37% |
| CVX | CHEVRON CORP. | 107.13 | -0.92 | -0.85% |
Elsewhere in the space, Chevron Corp. announced it would target zero net emissions for some upstream gas emissions by 2050. A number of other energy companies have already announced plans to reduce greenhouse gas emissions.
Meanwhile, financials including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co. traded lower ahead of earnings due later this week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 166.64 | -3.58 | -2.10% |
| GS | THE GOLDMAN SACHS GROUP, INC. | 385.24 | -7.57 | -1.93% |
| WFC | WELLS FARGO & CO. | 47.28 | -0.72 | -1.50% |
Southwest Airlines Co. blamed air traffic control problems, bad weather in Florida and staff shortages for more than 1,600 flights being canceled over the weekend.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LUV | SOUTHWEST AIRLINES CO. | 51.67 | -2.25 | -4.17% |
Merck & Co. said it has applied for emergency use authorization for its COVID-19 tablet. If approved, the drug would be the first oral antiviral drug for the disease.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRK | MERCK & CO., INC. | 79.93 | -0.70 | -0.87% |
Honeywell International Inc. raised its business jet delivery forecast for 2022 to 2031 by 1% to 7,400 planes worth $238 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HON | HONEYWELL INTERNATIONAL, INC. | 215.29 | -2.41 | -1.11% |
Overseas markets were mixed.
European trading was choppy with Britain’s FTSE 100 up 0.72% and France’s CAC 40 ticking higher by 0.16% while Germany’s DAX 30 slipped 0.05%.
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In Asia, China’s Shanghai Composite index slipped 0.01%, Japan’s Nikkei 225 rose 1.6% and Hong Kong’s Hang Seng index jumped 1.96%.
Stocks slide as oil hits 7-year high
Source: Viral Trends News PH
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