Stock Market Today: Dow rides energy stocks to end higher ahead of inflation data
Investing.com — The Dow eked out a gain on Monday, supported by energy and health care stocks, but upside momentum was kept in checked as traders awaited fresh inflation data due Tuesday.
At 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was up 0.2%, or 54 points, while the S&P 500 was down 0.1%, and the NASDAQ Composite was down 0.2%.
Energy stocks were supported by a rise in oil prices following last week's sharp losses amid ongoing concerns about slowing global demand, particularly from China, the world's biggest crude oil importer.
As well as rising oil prices, the broader energy sector was supported by 1% rise in Exxon Mobil Corp (NYSE:XOM) after the energy giant detailed plans to begin producing lithium in 2027.
Boeing Co (NYSE:BA) rose more than 4% after the aircraft maker won a $52 billion order from Emirates for the delivery of 95 aircrafts.
Tesla (NASDAQ:TSLA), meanwhile, rose more than 4% after updating the terms of its agreement with future Cybertruck buyers that includes a restriction to prevent them reselling their cybertrucks within the first year of purchase.
Moody's (NYSE:MCO) credit rating agency late Friday changed its outlook on the U.S. credit rating to «negative» from «stable,» while affirming its “Aaa” long-term rating.
The warning comes just as concerns about another government shutdown enters the fray, with the Nov. 17 deadline for Congress to pass a funding bill to keep the government open fast approaching.
Fresh consumer inflation data for October due Tuesday also kept bullish bets on stocks sidelined even as the report is expected to show a slowing in the pace of inflation.
Inflation is expected to have slowed to a 0.1% pace on a monthly basis, up 3.3% on an annual basis,
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