Wall Street Treads Water Near Record as Dow Edges Up While Nasdaq Slips

New York — The market opened a busy week with a mixed vibe on Monday, keeping the major indexes perched around the record set just a few days ago. The S&P 500 barely moved, essentially flat as traders weighed the latest data.

The Dow Jones Industrial Average managed a modest gain, climbing about 91 points — roughly 0.2% — by 9:58 a.m. Eastern. Meanwhile, the Nasdaq Composite slipped about 0.1%, a small dip that still felt noticeable because tech stocks carry so much weight.

Energy stocks stole the show. With Brent crude leaping 2.1% to $106.95 a barrel, big oil names surged: Exxon Mobil rose 1.8% and Chevron added 1.9%. The rally came amid a volatile month where oil has bounced between $96 and the low $110s, fed by lingering worries over the U.S.–Iran tension and its knock‑on effects on global fuel supplies and inflation.

Tech, on the other hand, faced a bit of a chill. Micron Technology dropped 4.2% and Advanced Micro Devices slipped 1.8%. Those moves helped drag the Nasdaq down, underscoring how a handful of heavyweight chips can sway the whole market.

Adding an odd twist to the energy story, former President Donald Trump announced on social media that he had struck a deal with Russian President Vladimir Putin to purchase Russian diesel. The move was pitched as a way to curb fuel price spikes ahead of the November 3 midterm elections, but it clashes with Washington’s broader effort to choke off Russian oil revenue that funds its war in Ukraine.

This week, investors will be watching a slew of economic releases — housing, inflation and retail‑sales figures — that could tip the balance one way or the other. On the corporate side, the earnings calendar is heating up, with big‑ticket banks like Citigroup, JPMorgan Chase and Wells Fargo slated to report their quarterly numbers.

U.S. Treasury bond trading was closed for the Columbus Day holiday, while European markets posted modest gains. Asian exchanges were mostly lower, and Tokyo’s market sat out the day for a local holiday.

— AP Business Writers Michelle Chapman and Elaine Kurtenbach contributed to this report.