Key facts
- Global equities were little changed as oil prices rose due to attacks on Saudi Arabia.
- The dollar advanced, holding near an 18-month high.
- US crude oil rose 2.14% to $93.82 a barrel and Brent crude rose 2.13% to $106.95 a barrel.
- Investors are awaiting September inflation data and third-quarter earnings.
- Major US banks are set to report earnings starting Tuesday.
Global equity gauges were little changed on Monday as attacks on Saudi Arabia overshadowed hopes for supply improvements, while the dollar advanced and oil prices climbed. Investors are cautiously awaiting September inflation data and the third-quarter earnings season, which kicks off on Tuesday with earnings from major US banks.
MSCI's gauge of stocks across the globe fell 0.06% to 1,146.58. On Wall Street, the Dow Jones Industrial Average rose 0.49% to 51,907.31, the S&P 500 fell 0.05% to 7,807.55 and the Nasdaq Composite fell 0.33% to 27,274.78. The pan-European STOXX 600 index rose 0.61% as bank stocks gained in Europe.
US crude oil rose 2.14% to $93.82 a barrel and Brent crude rose 2.13% to $106.95 a barrel. The dollar index, measuring the greenback against a basket of currencies, rose 0.24% to 102.44, with the euro down 0.23% at $1.1175 and the dollar strengthening 0.23% against the yen to 158.67.
Investors are anticipating September inflation data, with the Consumer Price Index (CPI) expected to rise 3.7% annually, while core CPI is seen at 2.5% annually. S&P 500 earnings are expected to climb more than 30% in the third quarter, largely driven by the tech sector, while STOXX earnings are projected to increase 21% excluding energy.
"There's a lot to be wary of," said Robert Pavlik, senior portfolio manager at Dakota Wealth Management. "You're walking down a train line and you don't know, because it's dark, if a train is coming and so, you're just being real careful right today." He noted that stocks were being kept in check by higher oil prices and a lack of direction from the bond market, which was closed for the Columbus Day holiday.