Mid-day: S&P moves up, market readies for earnings week
By Joseph Toppe
16:25, 18 October 2021
The major US benchmarks are mixed Monday as investors prepare for a week of earnings reports.
By noon EDT, the S&P 500 went up 0.2%, the Dow Jones Industrial Average lost 14 points, and the Nasdaq Composite added 0.4%.
Last week, strong results from a string of earnings reports powered the Dow almost 1% from its record high, while the S&P 500 and Nasdaq Composite were just 1.5% and 2.9% below their records respectively.
On Tuesday, Netflix, Johnson & Johnson, United Airlines and Procter & Gamble will release their earnings reports. Later this week, Tesla, Verizon and IBM will issue their own earnings reports.
Monday’s winners and losers
Shares for Square Inc. are up 0.6%, shares for Walmart are 0.73% higher, while shares for Zillow Group sank 6.7% and shares for Amazon surged 0.3% after the company announced it was looking to hire 150,000 new seasonal employees.
Shares for Albertsons improved 2.9% after the company posted higher sales and raised its guidance for the full year.
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Energy shares
In the energy sector, shares for Occidental Petroleum jumped up 6.8% and shares for Diamondback Energy spiked 6.5%, making both stock top performers for the S&P on Monday.
Brent crude futures, the benchmark in global oil markets, increased 0.5% to $85.32 a barrel. Last week, Brent crude posted its eighth consecutive week of gains
In assets, the yield on the 10-year Treasury note ticked up to 1.596% Monday, from 1.574% Friday.
The pan-continental Stoxx Europe 600 fell 0.7%, while in Asia, China’s Shanghai Composite was down 0.1%, while Hong Kong’s Hang Seng ended 0.3% higher.
Markets in this article