Stock market today: Wall Street drifts ahead of Election Day, while oil rises and yields sink

NEW YORK — U.S. stocks drifted ahead of a momentous week full of potential flashpoints, while oil prices climbed and Treasury yields dropped. The S&P 500 slipped 0.3% Monday, even though the majority of stocks within the index rose. The Dow Jones Industrial Average fell 0.6%, and the Nasdaq composite lost 0.3%. Beyond Election Day in the United States on Tuesday, the Federal Reserve will also be meeting on interest rates later this week.

But the majority of stocks within the S&P 500 rose, including a 2.3% gain for Fox after it reported a stronger profit than expected. That was despite increases in some costs, including for newsgathering at Fox News to cover this election cycle. “Bottom line – the US election is incredibly important, but the process is likely to be incredibly noisy,” according to Michael Zezas, a strategist at Morgan Stanley.

On Monday, Treasury yields gave back a chunk of those gains. The yield on the 10-year Treasury fell to 4.31% from 4.38% late Friday. In the oil market, the price for a barrel of U.S. crude rose 2.8% to $71.03 after Saudi Arabia and other oil exporters said they would delay plans to increase the amount of crude they produced. Brent crude, the international standard, rose 2.7% to $75.08 for a barrel.

Beyond that meeting and Election Day in the United States, this week will also feature the latest meeting of the Federal Reserve, where the widespread expectation is for it to cut its main interest rate for a second straight time.

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