Dow Falters Near 51,900 Amid Energy Slump Ahead of Xi-Trump Summit
The Dow Jones Industrial Average hovered near 51,900 on Monday, after its weakest week since March, due to a renewed slide in energy.
Crude oil traded just above $95 for a fourth straight decline, while Brent sat just above $100. The price drop is largely attributed to diplomatic talks at the UN General Assembly between Iran and the US.
Chicago Fed President Austan Goolsbee identified four current inflation drivers: strong demand, tariffs, energy, and supply disruptions. He also mentioned artificial intelligence spending as a potential contributor to inflation, citing companies like Microsoft, Amazon, and Alphabet.
Markets are awaiting key economic data this week, including the S&P Global flash PMIs on Wednesday and durable goods on Friday. The high-stakes meeting between President Xi Jinping of China and President Trump at the White House on Thursday is also expected to impact markets, particularly Boeing and Apple stocks.