Bank stocks weighed on the blue-chip index
The Nasdaq and S&P 500 managed to extend this afternoon's gains to close at session highs, while the Dow shed 92 points as the bank sector weighed on the market. Investors are anxiously awaiting consumer price index (CPI) data, due out tomorrow morning, and looking ahead to next week's interest rate decision. In the meantime, tonight will bring the first presidential debate between Vice President Kamala Harris and former President Donald Trump.
Continue reading for more on today's market, including:
5 Things to Know Today
- New Starbucks (SBUX) CEO Brian Niccol outlined his priorities to end the chain's sales slump in an open letter to customers, employees, and stakeholders. (CNBC)
- The European Union’s (EU) top court ordered Apple (AAPL) to pay $14.3 billion in back taxes to Ireland. (MarketWatch)
- Oracle stock nabs post-earnings record high.
- Analyst: Anheuser-Busch stock is a top pick.
- These 12 stocks look ripe for a short squeeze.
Demand Concerns Ding Oil Prices
Oil prices dropped to two-year lows on Tuesday, as lackluster economic data out China spurred demand fears. The Organization of the Petroleum Exporting Countries (OPEC) also slashed its crude demand growth guidance for 2024 and 2025. October-dated West Texas Intermediate (WTI) crude dropped $2.96, or 4.3%, to settle at $65.71 a barrel.
Gold prices edged slightly higher ahead of tomorrow's consumer price index (CPI) release. Gold for December delivery was last seen up 0.4% at $2,542.30 per ounce.