Stocks slide as oil tops $83 - Fox Business

BofA Securities head of U.S. economics Michelle Meyer and 'Barron's Roundtable' panelists discuss state of the economy.

U.S. stock indexes were modestly lower Monday as oil prices surged and industrial production slowed.

The Dow Jones Industrial Average fell 157 points, or 0.45%, while the S&P 500 index and the Nasdaq Composite index lost 0.41% and 0.42%, respectively.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	35247.61	-47.15	-0.13%
SP500	S&P 500	4472.01	+0.64	+0.01%
I:COMP	NASDAQ COMPOSITE INDEX	14909.027956	+11.69	+0.08%

Industrial production fell 1.3% in September, missing the 0.2% gain that was expected. The August print was revised lower to a 0.1% contraction from a previous reading of 0.4% growth.

Elsewhere, the Chinese economy grew at a 4.9% pace in July through September from a year earlier, down from 7.9% in the previous quarter, as ongoing supply bottlenecks and the Evergrande debt crisis weighed on confidence. Economists surveyed by Refinitiv were expecting 5.2% growth.

CHINA'S ECONOMY STUMBLES ON POWER CRUNCH, PROPERTY WOES

In stocks, oil companies, including Chevron Corp. and Diamondback Energy Inc., rallied as West Texas Intermediate crude oil surged 82 cents to $83.10 a barrel, a seven-year high.

Ticker	Security	Last	Change	Change %
CVX	CHEVRON CORP.	109.86	+0.20	+0.18%
FANG	DIAMONDBACK ENERGY, INC.	113.00	+4.71	+4.35%

Meanwhile, financials were in focus as the yield on the 10-year Treasury note climbed 3 basis points to 1.6% and was holding near a four-month high.

Ticker	Security	Last	Change	Change %
JPM	JPMORGAN CHASE & CO.	168.07	+1.45	+0.87%
BAC	BANK OF AMERICA CORP.	46.78	+0.40	+0.87%
C	CITIGROUP, INC.	72.19	-0.12	-0.17%

Zillow Group Inc. will put its homebuying program on hold as it works through a backlog of inventory, according to a report from Bloomberg News.

Ticker	Security	Last	Change	Change %
ZG	ZILLOW GROUP, INC.	84.67	-9.63	-10.21%

Walt Disney Co. was cut to "equal-weight" from "overweight" at Barclays, which also lowered its price target to $175 from $210 amid concerns over slowing subscriber growth for its streaming service.

Ticker	Security	Last	Change	Change %
DIS	THE WALT DISNEY CO.	171.26	-5.26	-2.98%

In earnings, Albertsons Companies Inc. beat on both the top and bottom lines and hiked its quarterly dividend by 20%.

Ticker	Security	Last	Change	Change %
ACI	ALBERTSONS COMPANIES	28.93	+0.39	+1.37%

American Airlines Group Inc., Johnson & Johnson, Netflix Inc and Tesla Inc. are among the companies reporting their quarterly results later this week.

Ticker	Security	Last	Change	Change %
AAL	AMERICAN AIRLINES GROUP, INC.	20.10	+0.12	+0.60%
JNJ	JOHNSON & JOHNSON	160.43	-0.83	-0.51%
NFLX	NETFLIX, INC.	625.99	-2.30	-0.37%
TSLA	TESLA, INC.	862.20	+19.17	+2.27%

Overseas markets were mostly weaker.

European bourses were lower across the board with Britain’s FTSE 100 sliding 0.6%, Germany’s DAX 30 declining 0.88% and France’s CAC 40 falling 1.04%.

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In Asia, China’s Shanghai Composite index and Japan’s Nikkei 225 lost 0.12% and 0.15%, respectively, while Hong Kong’s Hang Seng index edged up 0.31%.

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