BofA Securities head of U.S. economics Michelle Meyer and 'Barron's Roundtable' panelists discuss state of the economy.
U.S. stock indexes were modestly lower Monday as oil prices surged and industrial production slowed.
The Dow Jones Industrial Average fell 157 points, or 0.45%, while the S&P 500 index and the Nasdaq Composite index lost 0.41% and 0.42%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35247.61 | -47.15 | -0.13% |
| SP500 | S&P 500 | 4472.01 | +0.64 | +0.01% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14909.027956 | +11.69 | +0.08% |
Industrial production fell 1.3% in September, missing the 0.2% gain that was expected. The August print was revised lower to a 0.1% contraction from a previous reading of 0.4% growth.
Elsewhere, the Chinese economy grew at a 4.9% pace in July through September from a year earlier, down from 7.9% in the previous quarter, as ongoing supply bottlenecks and the Evergrande debt crisis weighed on confidence. Economists surveyed by Refinitiv were expecting 5.2% growth.
CHINA'S ECONOMY STUMBLES ON POWER CRUNCH, PROPERTY WOES
In stocks, oil companies, including Chevron Corp. and Diamondback Energy Inc., rallied as West Texas Intermediate crude oil surged 82 cents to $83.10 a barrel, a seven-year high.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 109.86 | +0.20 | +0.18% |
| FANG | DIAMONDBACK ENERGY, INC. | 113.00 | +4.71 | +4.35% |
Meanwhile, financials were in focus as the yield on the 10-year Treasury note climbed 3 basis points to 1.6% and was holding near a four-month high.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 168.07 | +1.45 | +0.87% |
| BAC | BANK OF AMERICA CORP. | 46.78 | +0.40 | +0.87% |
| C | CITIGROUP, INC. | 72.19 | -0.12 | -0.17% |
Zillow Group Inc. will put its homebuying program on hold as it works through a backlog of inventory, according to a report from Bloomberg News.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ZG | ZILLOW GROUP, INC. | 84.67 | -9.63 | -10.21% |
Walt Disney Co. was cut to "equal-weight" from "overweight" at Barclays, which also lowered its price target to $175 from $210 amid concerns over slowing subscriber growth for its streaming service.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 171.26 | -5.26 | -2.98% |
In earnings, Albertsons Companies Inc. beat on both the top and bottom lines and hiked its quarterly dividend by 20%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ACI | ALBERTSONS COMPANIES | 28.93 | +0.39 | +1.37% |
American Airlines Group Inc., Johnson & Johnson, Netflix Inc and Tesla Inc. are among the companies reporting their quarterly results later this week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP, INC. | 20.10 | +0.12 | +0.60% |
| JNJ | JOHNSON & JOHNSON | 160.43 | -0.83 | -0.51% |
| NFLX | NETFLIX, INC. | 625.99 | -2.30 | -0.37% |
| TSLA | TESLA, INC. | 862.20 | +19.17 | +2.27% |
Overseas markets were mostly weaker.
European bourses were lower across the board with Britain’s FTSE 100 sliding 0.6%, Germany’s DAX 30 declining 0.88% and France’s CAC 40 falling 1.04%.
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In Asia, China’s Shanghai Composite index and Japan’s Nikkei 225 lost 0.12% and 0.15%, respectively, while Hong Kong’s Hang Seng index edged up 0.31%.
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October 18, 2021 at 06:49PM
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Stocks slide as oil tops $83 - Fox Business
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