Stock market today: Most of Wall Street climbs, while Boeing and crude oil prices tumble
Most of Wall Street is rising Monday as yields ease in the bond market
NEW YORK — Much of Wall Street is rising Monday, ahead of a week heavy with potentially market-moving reports toward the end of it.
The S&P 500 was 0.6% higher in afternoon trading, coming off its first losing week in the last 10. The Nasdaq composite was up 1.3%, as of 12:33 p.m. Eastern time, while the Dow Jones Industrial Average was lagging the market with a loss of 77 points, or 0.2%.
Boeing was dragging the Dow lower in its first trading after one of its jets suffered an inflight blowout over Oregon. It fell 6.9%. Spirit AeroSystems, which builds fuselages and other parts for Boeing, lost 8.4%.
Stocks of oil-and-gas companies were also heavy weights after Saudi Arabia gave indications of potentially weak demand for crude. Exxon Mobil fell 2.7%, and Halliburton lost 3.7% as oil prices tumbled roughly 4.5%.
But much of the rest of Wall Street was holding up better as easing Treasury yields relaxed the pressure on the stock market.
Big Tech stocks, which get some of the strongest boosts from lower yields, helped lead the way. A 4.3% gain for Nvidia and 1.7% rise for Apple were two of the strongest forces pushing the S&P 500 upward.
Commercial Metals Co. also jumped 6.1% after reporting stronger profit for the latest quarter than analysts expected. It said construction activity is healthy in North America, driving demand for steel and helping to offset weaker conditions in Europe.
More earnings results will be arriving at the end of the week, with Delta Air Lines, JPMorgan Chase and UnitedHealth Group on Friday among those kicking off the S&P 500’s reporting season for the final three months of 2023.
The highlight of the week may be Thursday’s
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