US stocks were mixed at the open on Monday, October 12, with the S&P 500 little changed and the Nasdaq Composite edging lower as investors looked ahead to a busy week of corporate earnings and inflation data.
The Dow Jones Industrial Average outperformed, supported by gains in Salesforce.
The S&P 500 rose 0.1%, while the Dow gained around 192 points, or 0.4%. The Nasdaq Composite slipped 0.1%, weighed down by a roughly 3% decline in Micron Technology shares.
Micron came under pressure as investors assessed rising competition from China’s CXMT, which reported progress on a new chip structure. Meanwhile, Salesforce shares climbed around 3% after Bank of America upgraded its rating on the company by two notches.
Wall Street entered the week on the back of gains across the major indexes, with the S&P 500 and Nasdaq Composite having closed at record highs last week. The Dow and S&P 500 posted their second weekly gains in three weeks, while the Nasdaq extended its winning streak to four weeks.
Bank earnings, inflation data in focus
Investors are preparing for a busy week of corporate earnings, with major US banks, including JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo, scheduled to report results.
September inflation data will also be in focus, with the consumer price index (CPI) due on Wednesday and the producer price index (PPI) scheduled for Thursday. The readings could shape expectations for the Federal Reserve’s interest-rate outlook.
Oil prices rise on geopolitical concerns
Oil prices edged higher amid renewed geopolitical uncertainty. Brent crude futures rose to around $106 per barrel, while West Texas Intermediate (WTI) crude traded near $93.
The gains came after Russia struck Ukrainian power infrastructure, despite US President Donald Trump’s announcement of an agreement between Moscow and Kyiv to refrain from targeting each other’s energy infrastructure.
Trump also said he was considering joining Saudi Arabia in its fight against Iran-backed Houthi forces in Yemen following attacks on Saudi territory. The remarks raised concerns about a potential escalation in regional tensions.
As the current bull market enters its fourth year, investors continue to weigh the potential for further gains against concerns over elevated Treasury yields, geopolitical risks and the possibility of an artificial intelligence-driven market bubble.
US stock futures steady as investors brace for bank earnings, inflation data
US stock futures were little changed on Monday, October 12, after the S&P 500 and Nasdaq Composite closed last week at record highs.
Futures linked to the S&P 500 rose 0.07%, while Dow Jones Industrial Average futures gained 53 points, or 0.1%. Nasdaq-100 futures slipped 0.1%.
Investors are weighing the outlook for corporate earnings and the US economy ahead of a busy week of earnings announcements and key inflation readings.
Trump also said he was considering joining Saudi Arabia in its fight against Iran-backed Houthi forces in Yemen following another deadly attack on Riyadh’s international airport, fuelling concerns about a possible escalation in regional tensions.
Asian markets mixed
Asian markets ended mixed on Monday, with South Korean stocks leading the declines.
South Korea’s Kospi fell 3.65%, while the small-cap Kosdaq dropped 4.83%. Australia’s S&P/ASX 200 rose 0.76%, while mainland China’s CSI 300 declined 0.68%. Japanese markets remained closed for a holiday.