Bryan R Smith/Reuters
- US stocks were mixed Monday morning as soaring commodity prices stoked fears over rising inflation.
- Oil futures rose after a key US pipeline was targeted in a cyberattack over the weekend.
- Ether rallied above $4,000 for the first time while dogecoin retreated after Elon Musk's SNL run.
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US stocks were mixed on Monday as soaring commodity prices stoked fears over inflation. Copper prices and iron ore futures leapt to record highs. The Dow Jones Industrial Average rose to record highs, while the S&P 500 and Nasdaq composite fell.
Oil futures rose after a key US pipeline was targeted in a cyberattack over the weekend. The attack led to the shutdown of the Colonial pipeline – the country's largest pipeline that carries around 2.5 million barrels a day, or around 45% of the East Coast's fuel needs.
Investors are now mulling whether inflation will persist and derail the record-setting rally in stocks. Federal Reserve Chairman Powell and Treasury Secretary Yellen have both signaled that any inflationary pressures will just be temporary, but Wharton Professor Jeremy Siegel said on Friday that inflation could spike massively and force the Fed to change its policy stance earlier than anticipated.
Andrea Bevis, UBS Private Wealth Management senior vice president isn't as concerned.
"While investors have been worrying about inflation lately, we expect any near-term spike in inflation to be temporary and are not concerned with persistent inflation. Strong corporate earnings should outweigh concerns about supply chain constraints and rising commodity and transportation costs," she said.
Here's where US indexes stood at the 9:30 a.m. ET open on Monday:
- S&P 500: 4,227.62, down 0.12%
- Dow Jones industrial average: 34,953.43, up 0.53% (184.84 points)
- Nasdaq composite: 13,602.12, down 1.07%
Ether recorded its biggest one-day gain in two years on Monday, as the world's second-largest currency smashed past $4,000 for the first time.
Dogecoin plunged 10% on Monday, continuing its slide following Elon Musk's appearance on Saturday Night Live over the weekend. Musk also announced his SpaceX company will launch the satellite "DOGE-1 Mission to the Moon" next year.
West Texas Intermediate crude rose as much as 0.7%, to $65.35 per barrel. Brent crude, oil's international benchmark, increased 0.8%, to $68.86 per barrel.
Gold climbed as much as 0.7%, to $1,844.80 per ounce.