US stocks finished mixed on Monday as investors looked ahead to a busy week of corporate earnings and inflation data, while rising oil prices added to market uncertainty.
The Dow Jones Industrial Average gained 195.60 points, or 0.38%, to 51,850.55, marking its third consecutive advance. The S&P 500 edged down 0.06% to 7,807.24, while the Nasdaq Composite fell 0.44% to 27,245.90.
Technology stocks weighed on the Nasdaq, with Micron Technology dropping 3.9% amid concerns about increasing competition from Chinese memory chipmaker CXMT. Salesforce gained 2% following a double upgrade from Bank of America.
Oil prices rose amid renewed geopolitical uncertainty, with Brent crude gaining 1.84% to US$106.65 a barrel and West Texas Intermediate advancing 2.06% to US$93.74.
Attention now turns to the US third-quarter earnings season, with major banks including JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo due to report this week.
Analysts expect S&P 500 earnings to grow 29.6% for the quarter, supported by continued investment in artificial intelligence infrastructure.
Investors will also assess September consumer inflation data on Wednesday and producer prices on Thursday for further clues on the Federal Reserve’s interest rate outlook. Markets broadly expect the Fed to leave rates unchanged at its next meeting.
Australian Market Outlook
Australian shares are set to open slightly higher, with S&P/ASX 200 futures up 9 points, or 0.1%, to 8,812.
The modest positive lead follows gains in the Dow, although weakness in US technology stocks and higher oil prices could temper sentiment.
The local market will remain focused on global bond yields and developments in the Iran war, while upcoming US bank earnings and inflation figures are expected to provide further direction for equities and interest rate expectations.
