New York:US stocks ended a mixed session on Monday as increases in oil prices and losses in memory chip stocks affected market sentiment ahead of a busy week featuring corporate earnings and inflation data.
According to Anadolu Agency, the Dow Jones Industrial Average increased by 195.60 points, or 0.38%, to reach 51,850.55. In contrast, the S&P 500 slipped 4.30 points, or 0.06%, to 7,807.24, and the Nasdaq Composite declined by 120.27 points, or 0.44%, to 27,245.90.
Micron Technology shares dropped approximately 3.9% due to investor concerns over growing competition from Chinese memory chipmaker CXMT, following reports of advancements in a new chip structure. Conversely, Salesforce shares rose about 2% after receiving a double upgrade from Bank of America, contributing to the Dow's gains.
The situation was further complicated by higher oil prices, as investors kept a close eye on developments in the Russia-Ukraine conflict and tensions in the Middle East. US President Donald Trump announced an 'energy ceasefire' between Russia and Ukraine over the weekend, though Ukrainian President Volodymyr Zelenskyy later stated that Moscow had violated the agreement. Trump also expressed consideration of joining Saudi Arabia in its conflict against Yemen's Iran-backed Houthi group after another attack on Riyadh's international airport.
West Texas Intermediate crude futures closed 2.06% higher at $93.74 per barrel, while Brent crude increased by 1.84% to $106.65. Investors are also anticipating quarterly earnings reports this week from major banks, including JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup, Morgan Stanley, and Wells Fargo, along with September US consumer inflation figures due on Wednesday and producer inflation data on Thursday.
Despite the mixed session, all three major indexes posted weekly gains, with the Nasdaq marking its fourth consecutive positive week.
In Europe, stocks concluded higher on Monday as initial optimism regarding the Russia-Ukraine energy agreement alleviated supply concerns. An EU-China agreement on hybrid vehicle import quotas and slightly lower bond yields also boosted market sentiment. The benchmark Stoxx Europe 600 rose 0.65% to 635.65, while the Euro Stoxx 50 increased by 0.45% to 6,201.21. Germany's DAX 40 advanced by 0.76% to 25,277.68, Britain's FTSE 100 climbed 0.99% to 10,656.28, France's CAC 40 grew by 0.38% to 7,832.88, and Italy's FTSE MIB added 0.58% to 50,035.