Dow and S&P 500 slip from records to start the week
The Dow Jones Industrial Average fell on Monday on concerns about global growth, after the 30-stock average notched a record close Friday.
The Dow fell 106.66 points to 35,101.85, or 0.3%. The S&P 500 traded down 0.1% at 4,432.35. Meanwhile, the technology-heavy Nasdaq Composite rose 0.16% to 14,860.18.
Oil prices dropped on Monday, building on last week’s losses, as rising Covid cases caused concern of a slowdown in demand. West Texas Intermediate crude futures declined more than 4% at one point to trade as low as $65.15, a level not seen since May. The contract recovered some of those losses during afternoon trading and ultimately settled 2.64% lower at $66.48 per barrel. International benchmark Brent crude settled at $69.04 per barrel for a loss of 2.35%, after hitting a low of $67.60.
Oil’s slide pushed energy stocks lower with the Energy Select Sector SPDR ETF down 1.3%. Exxon Mobil and Chevron lost 1.2% and 1.7%, respectively. Diamondback Energy slipped 3.5%.
Tesla shares lead the Nasdaq higher on Monday. The electric carmaker gained 2.1% after Jefferies upgraded the stock and predicted a rally of more than 20% over the next 12 months.
Job openings roared higher in June, hitting 10.1 million, according to the Labor Department’s JOLTS report released Monday. This compared to the 9.1 million expected by economists polled by Dow Jones.
Credit Suisse on Monday initiated a 5,000 price target for the S&P 500 for the end of 2022, citing higher earnings. The firm kept its 4,600 target for 2021.
Investors are awaiting key inflation data scheduled for release this week. The consumer price index and the producer price index are scheduled to come out Wednesday and Thursday, respectively.
Reference: CNBC
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