U.S. stock indexes closed on session lows as oil prices hit a seven-year high and financials weighed on the S&P 500 ahead of key earnings later this week.
The Dow Jones Industrial Average fell 249 points or 0.72%, while the S&P 500 index and the Nasdaq Composite index declined 0.69% and 0.64%, respectively. The Dow had gained 205 points at its best levels of the day. Trading was light as the U.S. Treasury market was closed for Columbus Day.
|I:DJI||DOW JONES AVERAGES||34496.06||-250.19||-0.72%|
|I:COMP||NASDAQ COMPOSITE INDEX||14486.200385||-93.34||-0.64%|
In stocks, Diamondback Energy Inc., ExxonMobil Corp. and Cabot Oil & Gas Corp. were among the energy companies in focus as West Texas Intermediate crude soared $1.17 to $80.52 a barrel. The energy component early on Monday briefly topped $82, hitting a 7-year high.
|FANG||DIAMONDBACK ENERGY, INC.||110.73||+0.83||+0.76%|
|XOM||EXXON MOBIL CORP.||61.56||-0.62||-1.00%|
|CTRA||COTERRA ENERGY, INC.||21.52||-0.75||-3.37%|
Elsewhere in the space, Chevron Corp. announced it would target zero net emissions for some upstream gas emissions by 2050. A number of other energy companies have already announced plans to reduce greenhouse gas emissions.
Meanwhile, financials including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co. traded lower ahead of earnings due later this week…Read more>>