NEW YORK (AP) — Stocks wavered on Wall Street Monday and oil prices fell after the U.S. and Iran paused their attacks while work resumed on restarting negotiations to end the war.The S&P 500 fell 0.2%. The index is coming off two weekly losses in a row.
The Dow Jones Industrial Average rose 218 points, or 0.4%, as of 10:37 a.m. The Nasdaq composite fell 0.6%.Oil prices reversed course from a week ago, when a sharp escalation in fighting between the U.S. and Iran worsened worries about global oil supplies.
The price of Brent crude, the international standard, dropped 5.5% to $86.60 a barrel for October delivery. Prices surged to over $100 a barrel last week before easing.The war between the U.S. and Iran has sharply curtailed, and at a times halted, traffic through the vital Strait of Hormuz.
That has had a ripple effect throughout the world’s economy. Gasoline prices have surged and shipping costs for most goods are rising, with businesses typically passing those costs along to households.Markets rose in Europe after closing higher in Asia.Bond yields fell. The yield on the 10-year Treasury fell to 4.65% from 4.69% late Friday.Technology companies were behind much of the shifts in the market, with gains and declines for a mix of big companies resulting in uncertain trading.Nvidia fell 3.9% and Micron Technology slumped 6.2%.
At the same time, Microsoft rose 2.3% and Apple rose 1.3%. They are all among the most valuable companies in the world and those market values give them more influence over the direction of the broader market.The mix of gains and losses from a variety of those companies had more impact in pushing and pulling the market even as the majority of companies in the S&P 500 gained ground.In Asia, Chinese memory chipmaker CXMT soared in its debut in Shanghai. The company jumped to become China’s most valuable listed company with an estimated market capitalization of 3.3 trillion yuan (nearly $490 billion).Wall Street has a busy week ahead with several potentially mark-moving updates on the economy and company earnings.
Reports are due out on consumer confidence Tuesday and on inflation on Thursday.The big focus will be on the Federal Reserve, which will give an update Wednesday on its interest rate policy. The central bank has been grappling with the impact from rising inflation because of the ongoing U.S. NEW YORK (AP) — Stocks rose on Wall Street Monday and oil prices fell after the U.S.
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