Treasury chief cites energy shock as markets brace for tech earnings

U.S. Stock futures were mixed on Monday, with the Dow Jones index falling while the S&P 500 and Nasdaq 100 indices rose following a lower close on Friday. Treasury Secretary Scott Bessent attributed recent hotter inflation readings to an energy shock, arguing that prices will ease once the United States moves past the Iran conflict.

Energy Secretary Chris Wright defended President Donald Trump’s approach to energy costs, stating that the administration aims to bring peace and drive prices down. Meanwhile, Iran’s Foreign Minister Abbas Araghchi accused Israeli Prime Minister Benjamin Netanyahu of driving the U.S. Into another war, as data showed Iran’s seaborne crude exports dropped to zero in September.

Investors are preparing for a major week of third-quarter earnings, with Meta Platforms and Tesla scheduled to report on Wednesday. Other significant corporate results are due from Netflix, General Motors, Lam Research, International Business Machines, and Procter & Gamble. The 10-year Treasury bond yielded 5.07%, while markets priced in a 14.9% likelihood of a Federal Reserve rate hike at its October meeting.

Read the full story at benzinga.com.