The S&P 500 edged lower on Monday, with the cash index declining 0.06% to 7,807.24.
Oil prices climbed over the weekend pushed Brent crude up 1.8% to $106.65 per barrel. Higher energy prices added to inflation concerns ahead of this week’s consumer and producer price reports.
December S&P 500 futures traded as high as 7,887.00 and as low as 7,849.00.
The session concluded near the day’s low at 7,851.25, losing 8.50 handles from the prior close of 7,859.75.
Tomorrow, market participants can look forward to the start of major-bank earnings season, with JPMorgan Chase & Co. (NYSE: JPM), Goldman Sachs Group Inc. (NYSE: GS), Wells Fargo & Company (NYSE: WFC) and Citigroup Inc. (NYSE: C) scheduled to report third-quarter results.
Among the top components of the index, Meta Platforms Inc. (NASDAQ: META) emerged as the biggest gainer. The tech conglomerate advanced by $24.29, or 3.38%, to close at $742.96 for the day.
That performance outpaced the cash index by 3.44 percentage points.
Conversely, the biggest loser ended up being Broadcom Inc. (NASDAQ: AVGO). For the day, the chip designer declined by $6.81, or 1.88%, to close at $354.73.
