Oil Dragged 5% Lower as Dow Halts Losing Streak

The Dow snapped its five-day losing streak

Emma Duncan

Managing Editor

Oct 28, 2024 at 4:27 PM

Mega caps drove stocks higher to start the week, with all three indexes marking solid gains. The Dow snapped a five-day losing streak, while the Nasdaq tried -- but failed -- to capture a new record peak. The S&P 500 recovered from its brief Friday pullback, with all eyes now on the incoming "Magnificent 7" earnings reports, with five due out just this week. Oil continued its steep descent after Israel's strike on Iran did not compromise crude production.

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

Election bets boost sports betting name.
2 energy stocks sliding after Israel attack.
Plus, biotech stock's pre-earnings moves; ON sidesteps outlook; analyst praises EV stock.

Closing Index Summary October 282024

NYSE and Nasdaq Stats October 282024

5 Things to Know Today

What's next for Palantir Technologies (PLTR) after it hit the $100 billion market cap threshold. (MarketWatch)
JPMorgan & Chase (JPM) is suing customers that allegedly stole large amounts of cash from the company through a technical glitch. (CNBC)
Biogen preps for its quarterly earnings call.
Chipmaker brushes off lackluster outlook.
EV stock lands rare analyst bull note.

Oil Suffers Steep Losses After Airstrike

After Israel's airstrike missed key crude supply inventories this weekend, black gold has suffered steep losses. November-dated West Texas Intermediate (WTI) crude fell $4.40, or 6.1%, to settle at $67.38 per barrel for the session.

Gold was flat today, as the U.S. dollar and 10-year Treasury yield strengthened. Gold for December delivery remained near breakeven at $2,755 at last check.

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