Dow rises, S&P 500 near record as Wall Street braces for key US data

Wall Street stocks traded mixed on Monday, with the S&P 500 holding near its record high as gains in energy shares offset losses in technology stocks. Investors also turned their attention to a fresh round of corporate earnings and key US inflation data due later this week.The S&P 500 rose 0.1%, while the Dow Jones Industrial Average gained 0.4%, adding 228 points. The Nasdaq Composite slipped 0.2%, reflecting pressure on some of the technology stocks that have helped drive the market's gains this year.Energy shares advanced as crude oil prices climbed amid concerns over global supplies. Brent crude, the international benchmark, rose 2% to $106.77 per barrel. Oil prices have fluctuated sharply in recent weeks amid uncertainty surrounding the US war with Iran and its implications for energy supplies and inflation. Chevron gained 1.4%.Technology stocks were among the biggest drags on the market, with Micron Technology falling 2.8% and Advanced Micro Devices declining 2.4%. Investors are looking for evidence that the surge in artificial intelligence-related investment will translate into sustained earnings growth and justify the sector's strong stock-market performance.Artificial intelligence continues to support the outlook for technology companies and their suppliers, but questions remain over the longer-term returns from the technology. As companies begin reporting quarterly results, investors will be watching whether earnings can sustain the momentum behind market valuations.Oil prices remain another key variable for markets. Rising crude costs can push up petrol and diesel prices, increase transportation expenses and feed into the cost of goods. This could complicate the Federal Reserve's efforts to bring inflation down to its 2% target.Investors will get fresh readings on price pressures and consumer demand this week. The US consumer price index (CPI), due on Wednesday, is expected to show annual inflation rising to 3.6% in September from 3.4% in August. Producer price inflation and retail sales data are scheduled for Thursday, offering further insight into business costs and household spending.The data could influence expectations for the Federal Reserve's interest-rate decisions. Persistent inflation has kept the prospect of further rate increases in focus, while higher bond yields have raised borrowing costs across the economy. The 10-year US Treasury yield recently touched its highest level since 2002 before easing to 5.24% late Friday. US bond markets were closed on Monday for the Columbus Day holiday.The housing market will also be in focus, as elevated mortgage rates weigh on affordability and demand. Investors are due to receive an update on home sales on Tuesday.Meanwhile, the latest earnings season gathers pace with results from major US banks. Citigroup, JPMorgan Chase and Wells Fargo are scheduled to report on Tuesday, followed by Bank of America on Wednesday. Their results are expected to provide clues about lending activity, consumer finances and the broader economic outlook.Elsewhere, European markets advanced, while most Asian markets ended lower. Tokyo markets were closed for a holiday.You use AI every day. Now get your AI Quotient. Take the AIQ test.