Welcome to Markets Desk, your afternoon read on what's moving and why.
Equities are treading water as the third quarter earnings season gets underway. The S&P five hundred is barely positive, up less than a tenth of a percent, while the Dow edges higher by about a third of a point. The Nasdaq is the laggard, off about a third of a percent as traders stay cautious ahead of the reporting cycle.
The dollar is finding its footing today, and crude oil is part of the story. WTI is up more than one percent, and that rise in energy prices is feeding inflation expectations back into the market. A higher inflation outlook keeps Fed tightening on the table, which in turn lifts the dollar index by roughly a quarter of a percent. Dovish signals out of the ECB are adding further support to the greenback's relative strength.
Meanwhile, the medical devices space is quietly outperforming. The iShares U.S. Medical Devices ETF is up about one point six percent on the session, led by Procept Biorobotics, which has gained roughly six and a half percent, and Ceribell, up about four percent. Both names are pulling the broader device sector higher on what is otherwise a fairly subdued Monday.
That's the tape. Markets Desk, signing off the floor.
