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Monday Morning Market Roundup: Earnings Uh-Oh

Business

Here’s what’s shaking:

Stocks:

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The stock market is opening mixed after McDonald's reported poor quarterly earnings.

A big week for corporate results began Monday with Hasbro, in addition to McDonald's, falling short of Wall Street's expectations. Netflix will post earnings after the market closes.

The Dow Jones industrial average was down 13 points to 15,530 shortly after trading began. The Standard & Poor's 500 index rose a point to 1,693. The Nasdaq composite was up nine points to 3,597.

McDonald's says economic uncertainty for its customers weighed on results and it warned of a tough year ahead. The company's stock price fell 3 percent just after the market opened.

Oil:

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Oil added to gains to go above $108 a barrel Monday, underpinned by three weeks of declining U.S. stockpiles and a rush of speculative money into the crude futures market.

By early afternoon in Europe, benchmark crude for September delivery was up 40 cents to $108.27 a barrel in electronic trading on the New York Mercantile Exchange. The expiring August contract closed up 1 cent at $108.05 on Friday after trading as high as $109.32 earlier in the day.

American motorists, meanwhile, are bracing for further increases in gas pump prices this summer after average national prices rose 12 cents in the past week alone.

Sharp falls in U.S. inventories of crude oil have contributed to a 15 percent jump in the Nymex benchmark, also known as West Texas Intermediate crude, since June 21. Some analysts, however, say the fundamental rules of supply and demand alone do not justify the rise and say speculators are also pushing the price higher.

Oil prices were also supported by a weaker dollar, which makes crude and other commodities priced in the U.S. currency cheaper for traders using other currencies. On Monday, the euro was up at $1.3169 from $1.3138 on Friday.

Benchmark oil's jump has been so sharp that is has closed most of its discount to Brent crude, which is traded on the ICE Futures exchange in London. September Brent was up 23 cents to $108.30 a barrel.

Markets:

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The AP contributed to this story.

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