Stocks Close Lower After Oil Prices Hit 2023 High

The Nasdaq fell into the red in the last few minutes of trading

Deputy Editor
Sep 5, 2023 at 4:30 PM
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Stocks finished a shaky session lower, after overseas oil production cuts sent crude prices to their highest levels since November. While energy stocks trading on the S&P 500 were buoyed by the news, the broader-market index settled lower as airline and cruise stocks crumbled. The Dow turned in a triple-digit loss, while the Nasdaq finished in the red as well.

Continue reading for more on today's market, including:

  • Software stock runs into bear signal before earnings.
  • The S&P 500 added a big name today.
  • Plus, more on August's pullback, ORCL's upgrade, and Manchester's sale.

closing summary sep5

nyse nasdaq Sep5

5 Things to Know Today

  1. Employees are returning to Meta's (META) offices following a return-to-office mandate requiring at least three on-site days a week. (CNBC)
  2. After 16 years, Blackstone (BX) went public, the private-equity firm now trading on the SPX. (MarketWatch)
  3. Don't sweat the August rut.
  4. Another upgrade for Oracle stock.
  5. Manchester's sale is in trouble.

There were no earnings of note today.

UVOL Sep5

Crude Bubbles Higher After Production Cut Update

Crude for October delivery added $1.14, or 1.3%, to settle at $86.69 per barrel for the day -- its highest close since November. This comes after Saudi Arabia and Russia decided to extend production cuts through the end of 2023.

Meanwhile, gold futures closed at their lowest level in a week, after dour economic data out of China and Europe, as well as rising bond yields, pressured the precious metal. December-dated gold shed $14.50, or 0.7%, to settle at $1,952.60 an ounce for the day.

 

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