Nasdaq falls as oil prices rally ahead of earnings, economic data

The Nasdaq Composite index fell 0.44% to 27,245.90 on Monday, as oil prices surged nearly $2 per barrel following attacks on a Saudi Arabian airport. Investors were awaiting earnings reports from major banks and economic data this week. The S&P 500 ended the session slightly lower, while the Dow Jones Industrial Average gained. Oil futures rose after the attacks overshadowed the possibility of increased supplies due to Russia's increased diesel exports.

In the upcoming days, US investors will focus on corporate earnings, particularly from major US banks including Goldman Sachs, Citigroup, and JPMorgan Chase. Analysts expected S&P 500 earnings to increase 30.6% in Q3, according to LSEG IBES data. Other economic reports due this week include US consumer and producer inflation readings, as well as retail sales data.

The recent advance in energy prices has raised inflation concerns, causing investors to be cautious due to the Treasury market's surge to 24-year highs.