Wall Street mixed as oil prices surge, investors await earnings, economic data

US stock indexes experienced a mixed performance on Monday as oil prices surged to their highest level in nearly two weeks and technology stocks dipped ahead of third-quarter earnings season and a series of key economic releases. US crude futures surged over 2.0% and Brent futures exceeded US$106 a barrel following attacks on Riyadh's international airport over the weekend.

Despite the prospect of increased supplies due to Russian diesel exports and potential Russia-Ukraine ceasefire discussions by US President Donald Trump, investors remained cautious. Corporate earnings are expected to take center stage in the coming days, with major US banks like Goldman Sachs, Citigroup, and JPMorgan Chase reporting early on Tuesday.

S&P 500 earnings were projected to rise by 30.6% in the third quarter, according to LSEG IBES data. Investors also awaited September readings for US consumer and producer inflation data, as well as retail sales data. With the US Treasury market closed for Columbus Day, bond yields had recently advanced to 24-year highs, prompting concerns about inflation fueled by elevated energy prices.

Tim Ghriskey, a senior portfolio strategist at Ingalls & Snyder, noted that investors were wary of the recent bond yield surge and awaiting earnings results, which could have a significant impact. The Dow Jones Industrial Average climbed 175.51 points, or 0.34%, to 51,830.46, while the S&P 500 declined by 10.51 points, or 0.13%, to 7,801.03, and the Nasdaq Composite fell by 126.08 points, or 0.46%, to 27,240.09.

Energy emerged as the top performer among the S&P 500's 11 major industry sectors, up 1.4%, followed by communication services, which rose by 1.3%. Conversely, technology and consumer discretionary sectors were the only two sectors in the red, with technology declining by approximately 1.0%, primarily driven by chip stocks, and consumer discretionary dropping by 0.6%.