10 OCT 2024 Market Close & Major Financial Headlines: Wall Street’s Three Main Indexes Opened Moderately Lower, Finally Closing Fractionally Down In The Red
Summary Of the Markets Today:
- The Dow closed down 58 points or 0.14%,
- Nasdaq closed down 10 points or 0.05%,
- S&P 500 closed down 12 points or 0.21%,
- Gold $2,647 up $20.90 or 0.79%,
- WTI crude oil settled at $76 up $2.72 or 3.71%,
- 10-year U.S. Treasury 4.071 down 0.004 points or 0.035%,
- USD index $102.86 down $0.07 or 0.06%,
- Bitcoin $59,796 down $960 or 1.9%,
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
The latest consumer inflation report in the US came in higher than expected, causing stocks to decline on Thursday. The Consumer Price Index (CPI) rose 0.2% month-over-month in September, above the expected 0.1% increase. Core inflation, excluding food and energy, increased 0.3% month-over-month and 3.3% year-over-year. The hotter-than-expected inflation data has reduced expectations for interest rate cuts by the Federal Reserve. Traders now see a 17% chance of no rate cut in November, up from 0% a week ago. Initial unemployment claims rose unexpectedly to 258,000, the highest level since August 2023. The 10-year Treasury yield increased to 4.1%, its highest level since late July.
Click here to read our current Economic Forecast – October 2024 Economic Forecast: One More Recession Flag Removed Yet Little Headway On Inflation
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Consumer Price Index declined from 2.6% to 2.4% year-over-year in September 2024. If food and energy are excluded inflation remains little changed at 3.3% year-over-year. The driving force in moderating inflation is energy but everywhere I look – there are inflationary pressures present.
In the week ending October 5, the advance figure for seasonally adjusted initial unemployment claims 4-week moving average was 231,000, an increase of 6,750 from the previous week’s unrevised average of 224,250. The increase this week is attributable was Hurricane Helene. Natural disasters like hurricanes often lead to temporary spikes in unemployment claims as businesses are forced to close or reduce operations in affected areas.. There is no recessionary trend in this data.
Here is a summary of headlines we are reading today:
- Australia’s First Major Waste-to-Energy Plant Sparks Debate
- U.S. Clears ConocoPhillips to Recover Venezuela Assets
- The Price of Charging an EV in Europe
- Saudi, UAE, Qatar Lobbying DC to Keep Gulf Oil Safe from Israel
- Finland’s Top Power Utility Targeted With Daily Cyber Attacks
- AMD launches AI chip to rival Nvidia’s Blackwell
- Dow and S&P 500 retreat from records as sticky inflation report weighs on stocks: Live updates
- These income-generating assets are paying yields of more than 5%
- TD Bank pleads guilty in money laundering case, will pay $3 billion in penalties
- Stagflation Signal Stalls Stocks; Sparks Gold Gains
- Stunning Foreign Demand For Strongest 30 Year Auction On Record
- Trump floats new tax break for car loans, saying it’ll help buyers and auto industry
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.