S&P 500 Little Changed as Oil Prices Rise
Tech stocks weighed down as investors await earnings reports and inflation data.
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Market Performance
The S&P 500 was little changed on Monday, trading down 0.1% after a winning week for the major averages, according to CNBC.
The Dow Jones Industrial Average outperformed, trading up 222 points, or 0.4%, while the Nasdaq Composite was 0.3% lower.
The Nasdaq was hit by a 4% drop in shares of Micron Technology, while the Dow was boosted by a 2% rise in Salesforce shares, reported CNBC.
Economic Indicators and Geopolitical Events
Oil prices rose after President Donald Trump announced an 'energy ceasefire' between Russia and Ukraine, but Russian attacks on Ukrainian energy targets reversed the ceasefire, according to CNBC and Yahoo Finance.
Ukrainian President Volodymyr Zelenskyy said Moscow had already violated the ceasefire.
President Trump also suggested the US may join Saudi Arabia in attacking the Houthis in Yemen, potentially escalating regional tensions, as reported by CNBC.
Corporate Earnings and Market Expectations
Investors are expecting strong corporate earnings, with the S&P 500 set to post 29.6% earnings growth in the quarter, according to CNBC.
Analysts will closely watch management commentary on how companies and consumers are handling higher energy and financing costs, as noted by CNBC.
Major banks, including Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Wells Fargo, are scheduled to report results this week, according to Quartz.
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