Wall Street Opens Mixed as Chip Weakness Weighs on Nasdaq
U.S. equities began Monday mixed, with the Dow higher while the S&P 500 was nearly unchanged and the Nasdaq and Russell 2000 edged lower. Technology lagged as semiconductor shares fell, while energy, health care, and financials gained; oil rose after attacks and ceasefire concerns. Investors were awaiting major bank earnings and inflation reports later in the week, and bond markets were closed for Columbus Day.
U.S. trading was subdued because Columbus Day kept bond markets and banks shut. The Dow rose while the S&P 500 hovered near flat; the Nasdaq and Russell 2000 slipped. Technology was weakest, down more than 1%, as semiconductor shares fell. Nine of eleven S&P sectors advanced, with energy up 1.4%, joined by health care and financials.
Crude climbed to roughly two-week highs after a fatal strike on a Saudi airport and doubts about the announced Russia-Ukraine energy ceasefire. Investors looked ahead to major bank results from JPM, C, GS and WFC, plus CPI and PPI data. The dollar stayed near 18-month highs and gold eased.
Mixed markets and softer chip shares could affect investors, retirees, and workers whose retirement or savings accounts lean toward technology. Higher oil may raise fuel, shipping, and travel costs, potentially squeezing household budgets and inflation expectations. Upcoming bank results and inflation data may influence lending conditions, mortgage rates, and credit availability. Energy gains could support oil-producing regions and related jobs, while semiconductor weakness may temper tech hiring and capital spending.