Wall Street Snaps 4-Day Winning Streak

Investors are wary that higher Treasury notes aren't going anywhere

Jake Scott

Deputy Editor

Oct 12, 2023 at 4:26 PM

Wall Street's mixed midday performance turned into a selloff to end the session, as traders grappled with figures that showed no sign of easing inflation in the U.S. The Treasury yield market roared back to life, with the 10-year note adding 11 basis points to rise to 4.707% as fears rise that higher yields are the new norm. The Dow shed more than 170 points and, along with the S&P 500 and Nasdaq, snapped a four-day win streak.

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Plus, two bear notes to unpack; an UAW strike update; and DAL's post-earnings fall.

Closing Indexes Summary Oct 12

NYSE and Nasdaq Stats Oct 12

5 Things to Know Today

In contrast to yesterday's news, it looks like Rep. Steve Scalise does not have the necessary votes to become House speaker. (CNBC)
The cost-of-living adjustment (COLA) for Social Security in 2024 will be 3.2%, compared to the average 2.6% over the last 20 years. (MarketWatch)
Analysts cut bait on two underperforming stocks.
The UAW strike just got a little stickier for Ford.
Airline stock stalled despite earnings beat.

Unusual Options Activity Oct 12

Oil Futures Fall for 3rd Consecutive Session

Oil futures turned in a third-straight loss Thursday, after a more than 10-million-barrel weekly rise in domestic crude supplies. U.S. production just surpassed its 2020 pre-pandemic all-time high, climbing to 13.2 million barrels per day. Crude for November delivery lost 58 cents, or 0.7%, to settle at $82.91 per barrel.

Gold futures broke their four-session run higher, with December-dated gold erasing $4.30 to settle at $1,883 an ounce.

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