Stocks turn mixed on Wall Street as crude oil prices slump

Stocks turn mixed on Wall Street as crude oil prices slump

Banks and energy stocks were among the biggest weights on the market as bond yields eased lower and energy futures fell broadly

In this photo provided by the New York Stock Exchange, a trader works on the floor, Monday, March 28, 2022. Photo: AP

By AP Published: Mon 28 Mar 2022, 10:26 PM

Stock indexes on Wall Street are mixed in afternoon trading Monday, giving up some of their recent gains, as crude oil prices slumped and bond yields eased lower.

The S&P 500 was up less than 0.1% as of 2:11 p.m. Eastern. The Dow Jones Industrial Average fell 145 points, or 0.4%, to 34,712 and the Nasdaq composite rose 0.5%. The indexes are coming off two straight weekly gains.

Banks and energy stocks were among the biggest weights on the market as bond yields eased lower and energy futures fell broadly. JPMorgan fell 1.7% and Exxon Mobile slid 3%.

U.S. crude oil slumped 6.9% and Brent crude, the international standard, fell 6%. The drop follows news that China began its most extensive coronavirus lockdown in two years to conduct mass testing and control a growing outbreak in Shanghai. That could put a dent in global demand for energy.

Oil prices remain volatile amid the backdrop