Runaway Treasury Market Leaves Wall Street with Steep Losses

Oil prices remain elevated as Middle East tensions simmer

Deputy Editor
Oct 18, 2023 at 4:27 PM
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Wall Street fell across the board today, with bond yields once more overshadowing earnings season, as the 10-year Treasury yield returned to its highest level in more than 16 years. The Dow and Nasdaq logged triple-digit losses, with the former snapping a three-day win streak. All three major indexes suffered their worst single-session drop since Oct. 3. Elsewhere, the Cboe Volatility Index (VIX) secured its fourth win in five sessions. 

  • Call traders should keep an eye on this tech stock.
  • Another bank stock to watch after earnings.
  • Plus, sectors for options traders; PG's post-earnings bump; and UAL's decent.

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5 Things to Know Today

  1. For a second day in a row, Rep. Jim Jordan lost his bid to become speaker of the U.S. House of Representatives. (CNBC)
  2. The Federal Reserve's Beige Book survey found "stable" to "slightly weaker" growth in the U.S. economy so far this fall. (MarketWatch)
  3. These are options traders' favorite sectors right now.
  4. P&G stock defied the selloff today.
  5. Airline sector in trouble after sour forecast.

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Oil Futures Clock Highest Close Since Oct. 3

Following a completely muted session, oil futures closed at their highest mark in more than two weeks. An explosion at a Gaza City hospital increased tensions in the Middle East, raising fears of a potential loss of oil supply from exporters in the region. Crude for November delivery rose $1.66, or 1.9%, to settle at $88.32 per barrel.

Gold futures also advanced on the back of mounting Middle East tensions. For the session, December-dated gold added $32.60 to settle at $1,968.30 an ounce

 

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