Following a three-day slump, the S&P 500 surged on Thursday alongside a triple-digit spike for the Nasdaq, fueled in part by Tesla’s (TSLA) impressive quarterly results. In contrast, the Dow Jones Industrial Average faced another setback, losing 140 points after IBM (IBM) recorded a more than 6% decline post a revenue miss. As the trading day unfolded, Treasury yields began a mild retreat, with the 10-year note stepping back from three-month peaks as investors deliberated on the trajectory of potential interest rate adjustments.
For more insights on today’s market movements, keep reading:
Key Highlights of the Day
- Discover why mortgage rates are creeping back up towards the 7% mark. (MarketWatch)
- Yum Brands (YUM) takes preventive measures, removing onions from Taco Bell, KFC, and Pizza Hut menus due to an E. coli scare originating from McDonald’s (MCD) outlets. (CNBC)
- A prudent analyst steers clear of Verizon Communications stock for multiple reasons.
- Boeing stock faces challenges amidst a potential continuation of employee strikes.
- Two biotech stocks make significant market movements today.
Geopolitical Tensions Boost Gold Prices
Throughout the trading day, oil futures meandered close to the breakeven point, eventually concluding lower. Notably, November-dated West Texas Intermediate (WTI) crude relinquished 58 cents, translating to a 0.8% decline, closing at $70.19 per barrel.
Gold prices witnessed an escalation spurred by geopolitical uncertainties. Meanwhile, all eyes turned to palladium—a precious metal primarily utilized in catalytic converters—amid discussions of potential sanctions on Russian metals by the U.S. and its allies. Gold for December delivery exhibited a 0.7% uptick, reaching $2,749.10 in recent trading.
