Wall Street Holds Mixed Session as Oil Prices Rise

US stock indexes moved in different directions on Monday as rising oil prices pressured markets while investors monitored third-quarter earnings reports and upcoming economic data. The Dow Jones Industrial Average gained, while the S&P 500 and Nasdaq Composite declined amid inflation concerns and uncertainty over interest rates.

According to Reuters, US crude futures rose more than 2% and Brent futures traded above $106 a barrel after deadly strikes on Riyadh's international airport over the weekend. The moves overshadowed expectations of higher supply after US President Donald Trump discussed Russian diesel exports and a possible Russia-Ukraine ceasefire on energy targets.

At 2:16 p.m. ET, the Dow Jones Industrial Average rose 175.51 points, or 0.34%, to 51,830.46. The S&P 500 fell 10.51 points, or 0.13%, to 7,801.03, while the Nasdaq Composite dropped 126.08 points, or 0.46%, to 27,240.09, according to Reuters.

The energy sector led gains among the S&P 500's 11 major sectors, rising 1.4% as oil prices increased. Communication services also advanced 1.3%, helped by Meta, which gained more than 4%, while technology and consumer discretionary sectors posted losses.

Technology shares declined about 1%, with semiconductor stocks facing the most pressure. The Philadelphia semiconductor index fell 2.6% after reaching a three-week low, according to Reuters.

Investors were also focused on upcoming earnings from major US banks, including Goldman Sachs, Citigroup, and JPMorgan Chase. LSEG IBES data showed S&P 500 earnings were expected to increase 30.6% in the third quarter.

Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York, said investors were cautious while waiting for economic signals and corporate results.

"Looking out further in the week, we have some big economic reports," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

Ghriskey said markets were also watching bond market movements and the impact of upcoming bank earnings. The US Treasury market was closed on Monday for Columbus Day as investors tracked recent bond yield increases to 24-year highs.

"We're also waiting on earnings and that's significant. The four large banks reporting on Tuesday can have a big impact," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

According to Reuters, investors were awaiting September consumer inflation, producer inflation, and retail sales data due later in the week. Cleveland Federal Reserve President Beth Hammack said the central bank should move relatively quickly toward a restrictive monetary policy stance to address broader inflation pressures.

Markets were pricing in a 19% chance of a US Federal Reserve interest rate increase this month, according to CME's FedWatch tool. On the NYSE, advancing issues outnumbered decliners by a 1.01-to-1 ratio, while Nasdaq declining issues exceeded advancers by a 1.52-to-1 ratio.