S&P 500 little changed as banks, energy offset Tesla gain
- Tesla rises on stock-split plans
- Oil prices tumble on concerns of weaker Chinese demand
- Dow down 0.39%, S&P 500 up 0.03%, Nasdaq up 0.49% (Updates to midafternoon)
- Oil prices tumble on concerns of weaker Chinese demand
- Dow down 0.39%, S&P 500 up 0.03%, Nasdaq up 0.49% (Updates to midafternoon)
The S&P 500 was near the unchanged mark on Monday, as declines in energy and bank stocks offset a sharp rise in shares of Tesla, while Russia and Ukraine were poised to hold their first face-to-face peace talks in more than two weeks.
The S&P energy index was down 2.39% as the worst-performing sector on the session after oil prices tumbled on the heels of a lockdown in China's financial hub Shanghai to curb a jump in COVID-19 infections that sparked demand worries.
Also losing ground were financials, down 1.02% in part due to a Morgan Stanley downgrade on U.S. banks, as risks escalate and rate hikes by the Federal Reserve have already been priced in by the market.
The sell-off in the bond market resumed on Monday, with short-dated yields hitting their highest since 2019 and the yield curve as measured by the gap between five- and 30-year yields inverted, raising concerns the Federal Reserve's more aggressive monetary policy will dent economic growth.
$Dow Jones Industrial Average(.DJI.US$ fell 135.44 points, or 0.39%, to 34,725.8, $S&P 500 Index(.SPX.US$ gained 1.52 points, or 0.03%, to 4,544.58 and $Nasdaq Composite Index(.IXIC.US$ added 69.71 points, or 0.49%, to 14,239.01.
Strong economic data and gains in beaten-down growth stocks have helped Wall Street's main indexes recover in recent days even as the conflict between Russia and Ukraine continues and a host of Federal Reserve policymakers have made hawkish comments about the path of interest rate hikes.
Meanwhile, Ukraine and Russia said their delegations would arrive in Turkey for peace talks that are expected to take place on Tuesday. A senior U.S. official said Russian President Vladimir Putin did not appear ready to make compromises, with Ukrainian officials also playing down the chances of a major breakthrough at the talks.
Electric-car maker $Tesla(TSLA.US$ Inc jumped 7.94% after saying it will seek investor approval to increase its number of shares to enable a stock split.
Poly soared 51.25% after $Helmerich & Payne(HP.US$ Inc said it would buy the audio and video products maker for $1.7 billion in cash. Shares of HP declined 3.33%.
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