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Wall Street slips as oil jumps and traders eye inflation data
Brent crude futures rose 3.1% to $86.11 per barrel, while US crude climbed 3.3% to $80.73, amid concerns over energy supply after Iran said it would delay reopening the Strait of Hormuz.
Wall Street edged lower on Monday as investors weighed higher oil prices and prepared for a heavy slate of economic data, including fresh inflation readings. In early trading, the S&P 500 dipped 0.1% to 7,753.90, the Nasdaq Composite fell 0.2% to 26,638.35, and the Dow Jones Industrial Average slipped 0.1% to 53,937.14.
Oil prices climbed about 1.5% after Iran said it would not reopen the Strait of Hormuz until the United States met a set of demands, including compensation for war related damage. The move heightened concerns about potential disruptions to global energy supplies, with Brent crude futures up 3.1% to $86.11 per barrel and US crude up 3.3% to $80.73.
Investors are also looking ahead to this week’s US consumer and wholesale inflation data and a July retail sales report, which could offer clues on the direction of the economy and the Federal Reserve’s monetary policy. Markets are still digesting Friday’s weaker than expected employment report, which showed the US unexpectedly losing thousands of jobs in July.
In the bond market, the yield on the 10 year Treasury rose to 4.68% from 4.65% on Friday, according to LiveMint Markets. Stock moves also reflected company specific news, including Berkshire Hathaway shares rising 2.4%, MarineMax shares jumping 45.9% after agreeing to sell for about $1.5 billion to Blackstone’s portfolio company, and Varex Imaging rallying 48.3% following Teledyne Technologies’ $18.90 per share acquisition offer.
Latest closeWTI crude $78.07 ▲3.8%|Brent $83.46 |S&P 500 7,709.96 ▼0.2%