Tech leads Wall Street higher as oil and yields ease
Dow +0.61% to 51,778; S&P +1.14% to 7,637; Nasdaq +1.69% to 26,418.
U.S. stocks rebounded Thursday after Wednesday’s post-Fed selloff. MarketScreener and related wraps put the Dow industrials up 0.61% at 51,778.04, the S&P 500 up 1.14% at 7,637.76, and the Nasdaq Composite up 1.69% at 26,418.30 as oil prices and Treasury yields declined.
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Crude eases as Middle East supply-fear premium cools
WTI cited near about $102 as equities regained ground.
Oil prices extended losses Thursday as fears of immediate Middle East supply disruptions eased relative to earlier in the week, with West Texas Intermediate cited near about $101.91 a barrel in market wraps. Lower crude helped the narrative that inflation pressures from energy might be contained for now.
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Treasury yields fall; 10-year slips back under 5%
Two-year near 4.67%; 10-year near 4.94% in Thursday wraps.
U.S. Treasury yields declined Thursday as stocks rose. Market wraps put the two-year near 4.67% and the 10-year near 4.94%, slipping back under 5% after the Fed’s first hike under Chair Warsh.
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August housing starts mixed after multifamily plunge
Single-family construction rebounds while overall SAAR slips 2.6%.
Census/HUD data showed August starts at a 1.275 million annual rate. Single-family activity rose even as multifamily starts fell sharply, giving builders and rate-sensitive buyers a split signal after the Fed hike and still-elevated mortgage rates.
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Uber’s global cuts hit San Francisco and Sunnyvale campuses
About 390 Bay Area roles eliminated effective Nov. 2.
Uber’s previously announced reduction of roughly 3,300 jobs includes hundreds of Bay Area positions across San Francisco headquarters offices and Sunnyvale campuses, according to Silicon Valley Business Journal reporting.
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Homebuilder earnings and post-Fed housing data in focus
Lennar and other names on or near the Thursday calendar.
Investors watched homebuilder results and the Census housing release as mortgage rates and the Fed’s new higher policy rate frame the outlook for residential construction through year-end.
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