![]() ![]() It dropped 67 cents to $77.10 per barrel on Wednesday.īrent crude, the international pricing standard, gave up $1.06 to $80.90 per barrel. benchmark crude oil lost 91 cents to $76.19 per barrel in electronic trading on the New York Mercantile Exchange. The Fed will get another big update next week when the government releases its October report for a key inflation measure tracked by the central bank. That has encouraged hopes, and bets, that the Federal Reserve is done raising interest rates and could soon consider cutting rates.įed officials, though, have said the outlook for the economy remains uncertain and they’ll make upcoming decisions on rates based on incoming reports. The rate of inflation continues to ease, consumer spending remains solid and the economy is generally humming along. Wall Street has been closely watching consumer spending and confidence reports for more clues on the economy’s path ahead.įorecasts for a potential recession have been pushed further out into 2024 while also being softened. The yield on the 2-year Treasury slipped to 4.88% from 4.89% late Tuesday.Ī consumer sentiment survey by the University of Michigan showed that confidence remains strong. The yield on the 10-year Treasury rose to 4.41% from 4.40% late Tuesday. Tractor maker Deere, a bellwether for the agricultural industry, fell 3.1% after giving Wall Street a discouraging financial forecast and industry outlook. Clothing retailer Guess slumped 12.3% after cutting its financial forecast. Department store operator Nordstrom fell 4.6% after trimming its profit forecast for the year. Export restrictions to China are pressuring the company, though its stock has more than tripled this year amid booming demand for its chips in artificial intelligence applications.Įarnings reports continue to drift in. Nvidia fell 2.5%, despite handily beating analysts’ profit and revenue forecasts. United Airlines rose 0.9% and American Airlines gained 1.5%. Energy giant Exxon Mobil fell 0.4% and oilfield services company Halliburton dropped 0.8%.īut it lifted airlines and other companies that stand to benefit from lower fuel costs. Microsoft rose 1.3% and Google parent Alphabet added 1.1%.īroadcom slipped 0.9% after announcing that it expects to complete its $69 billion deal to acquire VMWare on Wednesday after clearing all regulatory hurdles.Ī 0.9% drop in oil prices weighed on energy companies. Technology and communications services stocks accounted for a big share of the gains for the S&P 500. markets will be open for half a day on Friday. Trading was muted ahead of the Thanksgiving holiday on Thursday. Bangkok’s SET lost 0.4% and the Taiex in Taiwan was down 0.2%. ![]()
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