This live blog is refreshed throughout the day with the latest updates from the market. To find the latest Stock Market Today threads, click here.
Happy Monday. Stock futures were mixed and oil prices were rising as Wall Street geared up for a week of earnings and economic reports.
Markets closed higher on Friday, driven by a broad-based rebound as early-week jitters over technology and artificial intelligence stocks subsided.
JPMorgan (JPM), Goldman Sachs (GS) and Citi (C) are among the companies reporting results on Tuesday.
The September consumer and producer price indexes are due Wednesday and Thursday, respectively.
“Wall Street edged higher to round out the week, but persistent geopolitical risk and uncertainty about global monetary policy continue to plague the market,” said Kyle Rodda, senior financial market analyst at Capital.com.
“The uncertainty has bled into the new week, especially as escalating tensions in the Middle East over the weekend risk further supply disruptions in global energy markets.”
Houthi attacks on Saudi Arabia’s main international airport killed at least 13 people over the weekend, including a U.S. national, and injured hundreds more, prompting President Donald Trump to consider joining the Saudi-led campaign against the Iran-backed group in Yemen, according to media reports.
The escalation threatens to further disrupt global energy supplies, with the Houthis also posing a potential threat to shipping through the strategically important Bab el-Mandeb Strait.
Meanwhile, Trump announced an agreement with Russian President Vladimir Putin to import millions of tons of Russian diesel fuel in an effort to lower U.S. and global fuel prices ahead of the midterm elections.
A bipartisan group of six senators on Sunday called on the Trump administration to “immediately reverse course” on the deal, arguing that the move conflicts with U.S. sanctions policy toward Russia.
“Despite the geopolitical risk and interest rate uncertainty, Wall Street remains around record highs thanks to extraordinary (albeit highly concentrated) earnings growth,” Rodda said. “Analysts tip 30% EPS growth for the upcoming quarter.
“And although the all-important Magnificent Seven don’t report for several weeks still, the kickoff bank earnings will provide color on whether corporate fundamentals remain strong enough to keep driving stocks higher.”