U.S. stocks finish lower as Treasury yields continue to climb
U.S. stocks finished lower on Thursday for the second day in...
U.S. stocks finished lower on Thursday for the second day in a row as yields on the 10-year and 2-year Treasury notes advanced to their highest levels in more than 14 years, causing early earnings-inspired gains in equities to evaporate.The S&P 500 SPX, -0.80% finished off 29.38 points, or 0.8%, at 3,665.78. The Dow Jones Industrial Average DJIA, -0.30% dropped 90.22 points, or 0.3%, to close at 30,333.59. The Nasdaq Composite COMP, -0.61% shed 65.66 points, or 0.6%, to close at 10,614.84. The yield on the 2-year Treasury note rose to 4.608%, its highest level since Aug. 8, 2007, based on 3 p.m. figures from Dow Jones Market Data. The yield on the 10-year Treasury advanced 9.8 basis points to 4.225%, the highest since June 17, 2008.
Oil prices could soar to $150 a barrel next year, according to JP Morgan. The firm's...
Oil prices could soar to $150 a barrel next year, according to JP Morgan. The firm's global head of energy strategy says underinvestment in the industry could lead to tight supply for the next decade. Cautiousness over tight supply helped push oil prices higher on Wednesday. Here's more on JP's Morgan's view on underinvestment.
The numbers: The number of people who applied for unemployment benefits fell by 12,000...
The numbers: The number of people who applied for unemployment benefits fell by 12,000 in mid-October to a three-week low of 214,000, as more people who couldn’t work after Hurricane Ian returned to their jobs.
Economists polled by the Wall Street Journal had forecast new claims to total 230,000 in the seven days ended Oct. 15. The figures are seasonally adjusted. The number of people applying for jobless benefits is one of the best barometers of whether the economy is getting better or worse.
New unemployment filings had crept higher in the past month, but they are extremely low and signal the labor market is still tight.
U.K. Prime Minister Liz Truss announces her resignation
In a brief statement, U.K. Prime Minister Liz Truss announced...
In a brief statement, U.K. Prime Minister Liz Truss announced her resignation.Truss said she cannot deliver on the mandate she won in the Conservative election, and said a new leadership election will be held in a week. Betting markets suggest that Rishi Sunak, the former chancellor, may succeed her. The pound was stronger on the day, at $1.1272, and U.K. bonds also rose.
Oil service firms expected to produce strong earnings reports
As the number of international rigs and hydraulic fracturing spreads continues to rebound, third-quarter...
As the number of international rigs and hydraulic fracturing spreads continues to rebound, third-quarter results from service firms Schlumberger, Halliburton and Baker Hughes are expected to come in high. Oil prices are near an eight-year high, spurring demand for production equipment.
Analysts will seek evidence that oilfield companies are restaffing "especially the frac side," said Matt Hagerty, senior energy strategist at FactSet's BTU Analytics. Firms have been slow to add new equipment after years of oversupply and investor demands for higher returns.
The Philadelphia Oil Service Index (.OSX) this summer hit its highest level since March 2020, trading around $90, but has dropped to about $68.50 on fears of a recession. In 2014, the index was $311.
