Stocks were little changed on Monday after the major averages posted a winning week and as investors looked ahead to a busy week of earnings results and inflation data.
The S&P 500 climbed 0.08%, while the Dow Jones Industrial Average traded up 86 points, or 0.17%. The Nasdaq Composite, however, was down 0.02%.
Shares of Micron Technology were 4% lower as investors assessed increasing competition from China’s CXMT, which reported progress on a new chip structure.
Oil prices ticked higher. West Texas Intermediate futures advanced 1% to around $93 per barrel. Brent crude gained 1% to trade at $105 per barrel.
Crude rose after President Donald Trump announced an ‘energy ceasefire’ between Russia and Ukraine over the weekend, then Ukrainian President Volodymyr Zelenskyy said Moscow had already violated it.
Trump also told reporters he was considering joining Saudi Arabia in its fight against Tehran-backed Houthis in Yemen after another deadly attack on Riyadh’s international airport. The remarks raised the prospect of escalating tensions in the region.
Investors hope the third-quarter earnings season will help stocks power through the Middle East turmoil. By all estimations, the incoming results are expected to be strong. According to FactSet’s John Butters, the S&P 500 is set to post 29.6% earnings growth in the quarter. That would be the fourth straight quarter that the broader index posts above-25% earnings growth, thanks to the strength of the AI data center buildout.
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