WTI oil flirts with first close above $75 since July
we store Futures were mixed on Monday as Capitol Hill started an important week.
Dow Jones Industrial Average futures rose 70 points, or 0.2%, while S&P 500 futures fell 0.09% and Nasdaq 100 futures fell 0.53%.
Capitol Hill lawmakers will have their hands full this week with President Biden’s $3.5 trillion spending plan, a bipartisan infrastructure deal and votes to raise the debt limit.
Traders sold the US Treasury as trillions more spent, with the yield on the 10-year note rising 3 basis points to 1.48%, where it was on track to close its highest since late June.
Shares in JPMorgan Chase & Company, Citigroup Inc. and Citizens Financial Group Inc. Those were among the names that benefited from the rise in bond yields and a sharper yield curve.
Oil-related names, including Chevron Corp, ExxonMobil Corp and Halliburton Company, outperformed as West Texas Intermediate crude climbed 81 cents to $74.79 a barrel. WTI hasn’t closed above $75 since July.
Meanwhile, Alphabet Inc., Microsoft Corp. and Apple Inc. The mega cap lags behind not being in favor of technology stocks.
After reports Tesla Inc. was in focus, CEO Elon Musk sent a letter to employees explaining that this is the company’s “intense delivery week ever.”
There was a mixed trend in overseas markets.
European markets rallied across the board with Germany’s DAX 30 up 0.46% after centre-left Social Democrats narrowly beat outgoing Chancellor Angel Merkel’s conservatives.
Elsewhere in the region, France’s CAC 30 rose 0.29% and Britain’s FTSE 100 rose 0.1%.
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In Asia, China’s Shanghai Composite Index and Japan’s Nikkei 225 fell 0.84% and 0.03%, respectively, while Hong Kong’s Hang Seng index was up 0.07%.