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Energy Stocks Follow Crude Prices Downward

Tyson foods up 8.6% after beating forecasts
By Newser Editors and Wire Services
Posted Aug 9, 2021 3:59 PM CDT
Tyson Foods Up 8.6% After Beating Forecasts
Investors have been taking in a steady stream of encouraging economic reports.   (AP Photo/Richard Drew, File)

(Newser) – Stocks ended a wobbly day mostly lower on Wall Street Monday, with energy companies logging some of the biggest losses as oil prices took another turn lower. Benchmark US crude oil fell 2.6% following a decline of 7.7% last week. That helped pull energy companies lower. Occidental Petroleum fell 3%. Technology companies also weighed down the broader market, the AP reports. The yield on the 10-year Treasury note rose to 1.32%. The S&P 500 fell 4.17 points, or 0.1%, to 4,432.35. The Dow Jones Industrial Average fell 106.66 points, or 0.3%, to 35,101.85. The Nasdaq rose 24.42 points, or 0.2%, to 14,860.18. Every major index is coming off of weekly gains last week, which ended with record highs by the S&P 500 and the Dow.

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The latest round of corporate earnings is winding down, and nearly 90% of companies in the S&P 500 have reported their latest results. The reports have been mostly solid. Tyson Foods jumped 8.6% after handily beating Wall Street's profit forecasts. Airbnb, DoorDash, and Disney are all set to release their latest financial results on Thursday. Investors are also closely watching the world's reaction to the latest surge of the coronavirus. Some governments have reimposed limits on business and travel. China canceled flights as it tries to stop a rash of outbreaks. Australia’s two most populous states have told people to stay home except to go to work or for a handful of other reasons. Analysts expect the US and global economies to continue growing, but have cautioned that the resurgent virus could slow down the pace.

(Read more stock market stories.)

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