Oil Prices Surge, Stocks Fall on the Week

Oil futures closed the week 2.3% higher

Deputy Editor
Sep 8, 2023 at 4:28 PM
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Wall Street's impressive midday rally was short-lived as stocks pulled back to log modest gains, though the S&P 500 and Nasdaq snapped three- and four-day losing streaks, respectively. For the week, all three indices logged steep losses, as investors feared the Federal Reserve may raise interest rates more than expected later this month. Oil prices and the VIX, meanwhile, both notched weekly wins. 

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

  • Home retail stock dinged by dreary forecast.
  • How Wall Street followed up August's dismal outing. 
  • Plus, Kroger's earnings and settlement; ADBE's bear note; and September's sluggish sector.

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5 Things to Know Today

  1. The IRS today revealed plans to aggressively pursue 1,600 millionaires and 75 large business partnerships to collect millions of dollars in back taxes. (CNBC)
  2. The central bank reported total U.S. household net worth rose $5.5 trillion to $154.28 trillion -- a record high -- in the second quarter. (MarketWatch)
  3. More on Kroger's earnings and opioid settlement. 
  4. Analyst praises software stock.
  5. Bear signal says this isn't the sector to bet on in September.

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Oil Turns in Substantial Weekly Gain

Oil prices eked out a gain today, putting their weekly win at 2.3%. Crude for October delivery gained 64 cents, or 0.7%, to settle at $87.51 per barrel for the day.

Gold prices inched higher Friday, ahead of next week's U.S. consumer price index (CPI) reading, which is likely to play a big role in the Fed's interest-rate decision later this month. December-dated gold added 20 cents, or less than 0.1%, to settle at $1,942.70 an ounce for the day, but lost 1.2% this week. 

 

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