Benchmarks Settle Lower as Inflation Fears Emerge

Investors are eyeing earnings reports from major bank names this week

Digital Content Manager
Oct 11, 2021 at 4:34 PM
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The Dow shed 250 points on Monday, despite adding over 200 points at its session highs. Inflation fears emerged after oil prices topped $82, though the commodity did cool in the afternoon hours, and energy stocks sunk. The S&P 500 also erased earlier gains to settle with a loss, while the Nasdaq finished well below breakeven as well. Investors are now eyeing earnings reports from major bank names, with JPMorgan Chase (JPM) and Goldman Sachs (GS) set to report later this week. Specifically, traders are looking for clues in regards to supply chain challenges heading into the holiday shopping season.

Continue reading for more on today's market, including:

  • Now is the time to buy this FAANG stock.
  • Checking in with Goldman Sachs stock before earnings.
  • Plus, why Deutsche Bank upgraded SBUX; behind Cleveland-Cliff's latest acquisition; energy stock hit with downgrade.

The Dow Jones Average (DJI - 34,496.06) lost 250.2 points, or 0.7%. Home Depot (HD) paced the gainers with a 0.8% pop, while Visa (V) fell to the bottom, shedding 2.2%.

The S&P 500 Index (SPX - 4,361.19) shed 30.2 points, or 0.7%, for the day, and the Nasdaq Composite (IXIC - 14,486.20) fell 93.3 points, or 0.6% for the day.

Lastly, the Cboe Volatility Index (VIX - 20.00) rose 1.2 point, or 6.6%.

Indexesoct11

NYSEoct11

  1. Southwest Airlines (LUV) has canceled over 2,000 flights since Saturday, blaming air traffic control issues, bad weather and staffing shortages, as customers complain about long hold times. (CNBC
  2. Blue-chip Merck (MRK) submitted an application to the U.S. Food and Drug Administration (FDA) for emergency authorization of its Covid-19 pill treatment.  (MarketWatch)
  3. Deutsche Bank upgraded Starbucks stock on its U.S. momentum. 
  4. Call traders blasted Cleveland-Cliffs stock after its latest acquisition. 
  5. This energy name tumbled following a downgrade, despite sector gains.

There were no earnings reports of note.

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Oil Prices Notch Highest Close Since 2014

Oil prices were higher on Monday, closing above the psychologically significant $80 level for the first time since 2014. Contributing to the commodity's pop was last week's upbeat economic data, which indicates demand should remain healthy over the coming months. Plus, a decision by the Organization of the Petroleum Exporting Countries and their allies (OPEC+) to raise oil output boosted prices. In turn, November-dated crude added $1.17, or 1.5%, to settle at $80.52 a barrel.

Meanwhile, gold prices settled lower to nab their third-straight loss, and worst losing streak in roughly one month. The September jobs report is weighing on the yellow metal, as investors seem to agree it will not interfere with the Federal Reserve's tapering plans. As a result, December-dated gold fell $1.70, or 0.1%, to settle at $1,755.70 an ounce for the day.

 

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