U.S. stocks climbed modestly at midday Monday as lower oil prices coincided with gains in airlines and cruise operators, offering a partial recovery after last week’s technology-led losses.
At 12:50 p.m. ET, the Dow Jones Industrial Average was 494 points higher, a 1% gain. The S&P 500 rose 0.3% and the Nasdaq Composite added 0.4%, the Associated Press reported. Brent crude was 7.5% lower at $104.92 a barrel in that update.
United Airlines climbed 5%, Southwest Airlines advanced 3.1% and Carnival rose 4%, with AP linking the moves to lower oil prices. Those three stocks outpaced the major indexes on a percentage basis. The Dow’s 1% rise was the strongest index move; gains for the S&P 500 and Nasdaq remained below half a percentage point.
In an earlier update at 6:30 a.m. ET, Reuters put Brent near $108 a barrel, down more than 4%. The FTSE 100 was little changed at 10,731.34 at that point, while London’s energy sector fell 1.2%. Reuters reported that talks involving Iran and Qatar had raised hopes for an end to the conflict. Its oil and stock figures came from a separate, earlier market snapshot.
AP described Brent’s trading since shortly before the war began as spanning roughly $70 to $120 a barrel. The outlet said traders were still assessing when global supplies might return to normal, amid uncertainty over the conflict.
Technology shares also recovered some recent losses. Nvidia gained 0.5% after falling 4.2% Friday, while Alphabet rose 1% after dropping more than 12% the previous Thursday, AP reported. EconoTimes previously covered investor concerns about AI spending behind the technology selloff.
The Bank of England is scheduled to announce its next rate decision Thursday, Nov. 5. Reuters reported that markets expected a 25-basis-point increase.
