U.S. stocks close sharply lower as 10-year Treasury yield climbs above 4%
U.S. stocks ended sharply lower Monday after the Dow...
U.S. stocks ended sharply lower Monday after the Dow Jones Industrial Average finished last week at a record high, as Treasury yields climbed above 4% for the first time since August.
The Dow Jones Industrial Average dropped 398.51 points, or 0.9%, to end at 41954.24. This is the index's largest one-day point and percentage decline since September 6.
The S&P 500declined 55.13 points, or 1%, to finish at 5695.94. This is the index's largest one-day point and percentage decline since September 6.
The Nasdaq Composite fell 213.95 points, or 1.2%, to close at 17923.90.
Chevron Sells Canadian Oil Sands, Duvernay Shale Assets for $6.5B
Chevron said the divestitures are part of its...
Chevron said the divestitures are part of its plans to sell $10 billion to $15 billion worth of assets by 2028 following the company’s acquisition of Hess Corp. for $53 billion.
Chevron’s indirect subsidiary Chevron Canada Ltd. said Oct. 7 that it and a related entity had agreed to sell interests in the Athabasca Oil Sands project and the Duvernay Shale to Canadian Natural Resources Ltd.
In exchange for Chevron Canada’s 20% interest in Athabasca and 70% interest in the Duvernay, the company will receive $6.5 billion cash. The assets subject to the agreement contributed 84,000 boe/d, net of royalties, to Chevron in 2023.
Chevron has previously said it expected its Duvernay assets to fetch about $500 million, suggesting that the Athabasca assets made up the lion’s share of the sale price.
Milton Becomes a Major Hurricane as It Barrels Toward Florida
Forecasters said Hurricane Milton was expected to bring significant rain...
Forecasters said Hurricane Milton was expected to bring significant rain and battering winds to parts of Florida by midweek. On Monday morning, the storm rapidly intensified into a Category 4 storm.
Milton’s exact path was still being mapped, but forecasters said there was growing confidence that a powerful hurricane with life-threatening hazards would affect portions of the Florida West Coast.
There is also a chance that Milton will weaken slightly. Even if it loses some strength, this could mean the storm grows and the hurricane becomes even larger at landfall, increasing the dangerous effects over a much larger area.
U.S. housing-market sentiment at its highest level in two-plus years
In the housing market, what goes down must come up....
In the housing market, what goes down must come up.
A new survey by Fannie Mae found that housing sentiment has improved significantly. A record share of consumers are optimistic about mortgage rates falling over the next 12 months.
But an increasing share are also expecting home prices to increase.
In September, the share of respondents who said they expect mortgage rates to go down in the next 12 months rose to 42% from 39% the previous month, according to a monthly survey by housing finance giant Fannie Mae.
The share of respondents who expected home prices to increase over the same period also increased to 39% from 37%.
Tesla will finally reveal its robotaxi on Thursday: Much...
Tesla will finally reveal its robotaxi on Thursday: Much like Lucy holding the football for Charlie Brown, Elon Musk is once again promising to unveil Tesla’s fully autonomous robotaxi to a public that doesn’t want it pulled away at the last moment. The robotaxi reveal was delayed from its original August date this year, and Musk has been talking about robotaxis since 2019 and claimed in 2022 that they’d be introduced in 2023. The event could be a watershed moment for Tesla, which has an aging fleet, heightened competition, and a desire to find its Next Big Thing to excite investors.
Republican leaders in North Carolina, including Senator Thom Tillis, called out conspiracy theories surrounding the government response to Hurricane Helene promoted by Elon Musk and others on social media, saying they’re not helping actual recovery efforts.
Google’s share of the US search ad market is projected to fall below 50% next year for the first time in more than a decade, per eMarketer.
Joker: Folie à Deux, the musical sequel to 2019’s Joker, earned a measly $40 million over its opening weekend at the domestic box office. That’s less than half the original’s opening weekend haul.
Ben Horowitz and his wife, Felicia, will make a "significant" donation to the presidential campaign of Kamala Harris, Axios reported. The prominent venture capitalist and his business partner Marc Andreessen endorsed and donated to Donald Trump in July when President Biden was still pursuing reelection.
Keanu Reeves didn’t learn anything from Speed. The actor spun out in his pro auto racing debut at the Indianapolis Motor Speedway.