US stocks: US market slips as oil prices rise, retail results awaited
As investors braced for retail earnings reports, major stock indexes fell, signaling caution in the market. Oil prices surged, driven by concerns over Iran alongside global supply uncertainties. Recent economic data from July amplified the cautious atmosphere, as Home Depot and Walmart's earnings loom ahead, promising key insights into consumer spending trends. Technology stocks, however,…
On Monday, the three major U.S. stock indexes experienced a decline as investors awaited crucial retail earnings reports. The situation was further complicated by oil prices surging to over $2 per barrel, fueled by a lack of progress in resolving tensions between the U.S. and Iran. This development provided a boost for the energy sector.
The market's cautious approach was influenced by recent weak retail sales and job data, prompting traders to hold off on making decisions until receiving the quarterly results from key retailers, such as Home Depot and Walmart. Phil Blancato, a chief market strategist at Osaic Wealth, noted that the market's current state is marked by a mix of summer lull and a focus on data regarding consumer spending.
According to preliminary data, the S&P 500 closed 0.51% lower at 7,746.21 points, while the Nasdaq Composite slipped by 0.31% to 26,652.29 points. The Dow Jones Industrial Average also dipped 0.49% to 53,469.20 points. Among the S&P 500's 11 major sectors, most experienced a loss on the day, with communications services, consumer staples, and consumer discretionary among the worst performers.
The technology sector saw a mixed performance, with the S&P 500's Software & Services index falling while the PHLX semiconductor index rallied. Meanwhile, investors are eagerly anticipating earnings from AI chipmaker Nvidia, the world's most valuable company, which is set to report next week. Among individual stocks, U.S.-listed shares of Vista increased after investor Peter Thiel acquired a 1% stake in the Latin American oil company.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.