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An Hour Ago
Oil prices climb as Hamas’ attack on Israel hits energy market
Benchmark oil prices were higher on Sunday as stock futures fell, seemingly responding to the outbreak of war between Israel and Palestine.
See Chart…
Brent crude oil.
Global benchmark Brent crude climbed nearly 4% to $87.49, while U.S. West Texas Intermediate added 4% to $86.20.
— Brian Evans
An Hour Ago
Wall Street adds outbreak of war between Israel and Palestine to list of headwinds
Fri, Oct 6 2023 10:16 AM EDT
Chances rise of Fed raising rates again by yearend, per the CME FedWatch
30-day fed funds futures pricing data on the Chicago Mercantile Exchange suggest a more than 45% probability that the Federal Reserve will raise its benchmark lending rate by a quarter-point, or perhaps as much as half a point, by the end of its December policy meeting.
On Thursday, the chance of further tightening stood at just 33.1%, according to the CME FedWatch tool. The probability is derived from the actions of traders in interest rate futures markets, the CME says.
— Scott Schnipper
Fri, Oct 6 2023 10:46 AM EDT
Utilities stocks sink as Treasuries become more attractive to investors
The beaten-down utilities sector isn’t seeing any relief. The Utilities Select Sector SPDR Fund is down 1.3% Friday, and has dropped nearly 20% for the year through Thursday.
The sector has been dragged down by energy and power companies AES Corp, NextEra Energy and Eversource Energy. Utilities posted large declines this week and has lost 20% year-to-date, making it this year’s biggest loser so far.
Utilities are seen as bond proxies because of their high dividend yields. The stocks have been getting hit as the high rates in risk-free short-term Treasuries offer an attractive alternative to investors. U.S. Treasury yields rose again Friday, with the 10-year nearing a 16-year high after stronger-than-expected jobs data.
— Pia Singh
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