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Wall Street closes mixed as oil concerns and tech guidance eyed
Stocks ended mixed, with the S&P 500 up 0.0%, the Nasdaq down 0.2%, and Brent crude sliding 8% after a pause in U.S. strikes against Iran.
Wall Street finished mixed on Monday as investors looked ahead to guidance from major technology companies and weighed concerns that elevated oil prices could push the Federal Reserve toward higher rates, according to Reuters via LiveMint Markets.
Microsoft, Amazon, Meta, and Apple were set to report quarterly results this week, while traders also questioned whether a multi year AI fueled rally was losing steam after heavy AI spending disclosures from Tesla and Alphabet last week.
Energy risk remained central to the day, with crude falling to a one week low and Brent dropping about 8% to around $89 a barrel after Washington suspended a two week campaign of air strikes against Iran, though U.S. strikes were flagged to resume if negotiations do not deliver.
On the rate outlook, the Fed decision was due on Wednesday, with traders projecting a 62% chance of no change and a 38% chance of a 25 basis point hike, the report said, while the PCE inflation index for June was expected the following day.
Latest closeWTI crude $90.47 ▼1.9%|Brent $98.38 ▼2.3%