US stocks fluctuated early Monday of the week as investors weighed soaring oil prices, economic worries, and key earnings results for the third quarter.

The Dow Jones Industrial Average lost about 175 points, or 0.5%. The blue chip average rose more than 200 points from its intraday high. The S&P 500 lost 0.4%. The Nasdaq Composite was down 0.2%.

“What we are seeing right now is that the market is trying to grapple with it and come to terms with how to interpret all of these inputs,” Lo Toney, Managing Partner of Plexo Capital, told CNBC’s TechCheck. “It will take a while to sort things out.”

The US oil benchmark WTI crude topped $ 82 a barrel at its session high before trading above $ 80 on Monday. The rising prices contributed to the looming inflation worries.

“A large or rapid rise in energy costs has triggered recessions in the past and there is a chance that history will repeat itself if energy prices continue to rise. Higher energy prices result in lower disposable income for consumers, “Bernstein’s Neil Beveridge said in a Monday note.

Energy stocks rallied on Monday but turned as oil prices hit their highs.

Meanwhile, Goldman lowered its forecast for US economic growth on Monday. The company lowered its growth estimate for 2022 from 4.4% to 4% and lowered its estimate for 2021 from 5.7% to 5.6%. The company cited the phasing out of congressional fiscal support and a slower-than-expected recovery in consumer spending, especially services.

“During activities such as going to a movie theater, many people do not expect to return to normal spending patterns for at least another 6 months, which suggests that economic activity may take time to fully normalize,” said Goldman economist Joseph Briggs in a note.

This week the big banks will publish their earnings reports for the third quarter. JPMorgan released the results on Wednesday, with Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo and Citigroup to follow later in the week. Reports from Delta Airlines and Walgreens Boots Alliance are also on board.

Investors will be looking for insights into supply chain challenges, especially during the holiday shopping season.

Analysts estimate earnings growth for the S&P 500 in the third quarter of 27.6%, which would be the third-highest growth rate since 2010.

After losing 4.8% in September, the S&P 500 is up more than 1% in October, and is more than 3% below its record.

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