Stock Market Today: Dow in record high as energy shines; inflation data eyed
Investing.com — The Dow closed at record highs Monday, led by energy stocks ahead of a busy week of top-tier economy data, and fresh round of corporate earnings.
By 16:00 ET (21:00 GMT), the blue-chip Dow Jones Industrial Average rose 0.3% to a fresh record closing of 38,797.38. The tech-heavy Nasdaq Composite fell by 0.3%, while the S&P 500 fell 0.1% after hitting an intraday record of 5,048.56.
Diamondback Energy Inc (NASDAQ:FANG) rose more than 9% after buying private natural resource company Endeavor Energy for $26 billion that will create the second largest producer in the Permian Basin.
«We would expect to see some asset rationalization in the Delaware given FANG and Endeavor's focus in the Midland Basin,» RBC said in a note.
As well as Diamondbank Energy, APA Corporation (NASDAQ:APA), Schlumberger NV (NYSE:SLB) and EQT Corporation (NYSE:EQT) rose more than 1% to help push energy stocks higher
Federal Reserve officials continued to signal that early rate cuts aren't on the table, with Federal Reserve Governor Michelle Bowman saying she doesn't expect the Fed to cut rates «in the immediate future» as tight monetary policy measures are needed to keep inflation trending lower.
The remarks arrive a day ahead of fresh inflation data, with the U.S. consumer price index for January expected to show that headline price growth in the world's largest economy slowed on both an annual and monthly basis.
The earnings season is set to pick up pace later this week with more than 60 firms in the S&P 500 set to unveil quarterly results. Some of these names, including Coca-Cola (NYSE:KO), Shopify (NYSE:SHOP) and Kraft Heinz (NASDAQ:KHC), may provide some insight into the health of the U.S. consumer. Analysts will be keen as
Read more on investing.com
