Stocks traded little changed on Monday, coming off a positive week as investors looked ahead towards the busiest week of the year for corporate earnings, a new policy update from the Federal Reserve and more economic data. The Dow Jones Industrial Average and S&P 500 settled slightly higher, while the Nasdaq Composite slipped modestly lower.
Here's how the market settled on Monday:
S&P 500 Index (NYSE: SPY): +0.13% or +5.21 points to 3,966.84
Dow Jones Industrial Average (NYSE: DIA): +0.28% or +90.75 points to 31,990.04
Nasdaq Composite Index (NASDAQ: QQQ): -0.43% or -51.45 points to 11,782.67
Monday is kicking off the final week of trading for the month of July, and possibly one of the busiest week's of the summer, with quarterly results expected from over 170 companies on the S&P 500, a new policy announcement from the central bank on Wednesday, and GDP data expected on Thursday.
Oil prices rose on Monday, bolstering energy stocks higher. West Texas Intermediate (NYSE: USO) crude futures climbed 1.7% to $96.33 a barrel, while Brent Crude (NYSE: BNO) futures rose 1.7% to $104.91 per barrel.
Stocks like Diamondback Energy (NASDAQ: FANG), Apache (NASDAQ: APA) and Marathon Oil (NYSE: MRO) each jumped about 6%, while Occidental Petroleum (NYSE: OXY) and Valero (NYSE: VLO) rose by 5%. Dow component Chevron (NYSE: CVX) also was up by nearly 3%.
Meanwhile, tech stocks continued to fall on Monday in the wake of Snap's (NYSE: SNAP) disappointing earnings report last week. Companies that rely heavily on ad revenue like Meta Platforms (NASDAQ: META), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL) and Alphabet (NASDAQ: GOOG) were all lower at the end of the session.
Elsewhere, shares of Weber (NYSE: WEBR) tumbled 20% in morning trade on Monday after the grill maker announced CEO Chris Scherzinger will be departing effective immediately. The decision follows weaker demand for its products both in stores and online.
"We are taking decisive action to better position Weber to navigate historic macroeconomic challenges, including inflationary and supply chain pressures that are impacting consumer confidence, spending patterns, and margins," said Kelly Rainko, a member of Weber's board, in a statement.
Wall Street is set to have its best month of the year for July, with the S&P 500 attempting to rebound after falling into a bear market earlier this year. The index is currently about 9% from its 2022 low.