(Sharecast News) - Major indices were in the red early on Thursday, as investors contended with another jump in Treasury yields and a sharp move higher in crude prices.
As of 1445 BST, the Dow Jones Industrial Average was down 0.15% at 51,105.03, while the S&P 500 shed 0.35% to 7,774.39 and the Nasdaq Composite came out of the gate 0.53% weaker at 27,393.85.
The Dow opened 74.84 points lower on Thursday, estending losses recorded in the previous session as both Treasury yields and oil prices pushed higher.
Treasuries were in focus yet again early on Thursday, with the yield on the benchmark 10year note climbing more than five and a half basis points to 5.351%, touching levels last seen in 2002, while the 30year note also traded near 24year highs, up five basis points at 5.726%. The latest rise follows comments from Federal Reserve governor Christopher Waller, who warned that further rate hikes may still be required to bring inflation under control.
Oil prices also surged after Donald Trump said he did not intend to strike a deal with Iran to end the conflict in the Middle East, amid reports the US was preparing for a "massive bombing" campaign in the region. Brent crude jumped 4.21% to $104.42 a barrel, while West Texas Intermediate gained 4.29% to $92.07, adding further pressure to sentiment and bond markets.
On the macro front, Americans lined up for unemployment benefits at a decelerated pace in the week ended 3 October, according to the Labor Department, extending the labour market's run of resilience as the Fed maintains its emphasis on tight employment conditions. Initial jobless claims fell by 2,000 to 197,000, coming in below market expectations for a reading of 200,000 to mark the lowest initial claim count since mid-July's 60-year low of 189,000. Continuing claims, on the other hand, rose by 17,000 to 1.71m, but were still relatively close to the more-than-three-year low seen a week earlier, while the four-week moving average, which aims to strip out week-to-week volatility, increased by 17,000 to 1.716m.
Still to come, August wholesale inventories figures will be published at 1500 BST.
In the corporate space, PepsiCo posted strongerthanexpected thirdquarter revenues on Wednesday, overcoming softer demand in North America with a marked improvement in its global snacks business. Net revenues rose 5.6% to $25.27bn in the July to September period, ahead of the $24.95bn expected by analysts. PepsiCo said snackfood volumes increased 4%, the fastest rate of growth since 2021, driven largely by its international operations, which now account for around 41% of group revenue.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Cisco Systems Inc. (CSCO) $116.29 3.27%
Amgen Inc. (AMGN) $411.26 2.86%
Johnson & Johnson (JNJ) $257.20 1.44%
Apple Inc. (AAPL) $336.48 1.27%
Walt Disney Co. (DIS) $104.72 0.70%
Merck & Co. Inc. (MRK) $141.92 0.60%
Visa Inc. (V) $372.72 0.39%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walmart Inc. (WMT) $0.00 0.00%
Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%
Dow Jones - Fallers
Caterpillar Inc. (CAT) $812.77 -5.75%
Intel Corp. (INTC) $109.78 -3.08%
Dow Chemical Co. (DOW) $28.35 -1.38%
Chevron Corp. (CVX) $209.93 -1.18%
Goldman Sachs Group Inc. (GS) $881.15 -1.11%
3M Co. (MMM) $160.37 -0.93%
Boeing Co. (BA) $185.89 -0.79%
Nike Inc. (NKE) $34.03 -0.72%
McDonald's Corp. (MCD) $230.68 -0.68%
JP Morgan Chase & Co. (JPM) $328.30 -0.51%
S&P 500 - Risers
Micron Technology Inc. (MU) $1,080.53 6.41%
Autodesk Inc. (ADSK) $233.37 4.47%
Sba Communications Corp. (SBAC) $171.14 4.31%
Perrigo Company plc (PRGO) $14.52 3.93%
Alphabet Inc. Class C (GOOG) $350.52 3.37%
Intuit Inc. (INTU) $296.87 3.34%
Cisco Systems Inc. (CSCO) $116.31 3.27%
Mattel Inc. (MAT) $16.48 3.12%
Amazon.Com Inc. (AMZN) $258.47 3.03%
Netflix Inc. (NFLX) $69.97 2.95%
S&P 500 - Fallers
Illumina Inc. (ILMN) $264.42 -12.12%
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Apartment Investment & Management Co. (AIV) $1.78 -5.88%
Henry Schein Inc. (HSIC) $82.03 -5.76%
Akamai Technologies Inc. (AKAM) $102.67 -5.50%
Mohawk Inds Inc. (MHK) $116.36 -5.45%
Microchip Technology Inc. (MCHP) $76.29 -5.32%
Allegion (ALLE) $147.26 -4.70%
Mosaic Company (MOS) $19.95 -4.63%
Schlumberger Ltd. (SLB) $48.63 -4.08%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $1,080.53 6.02%
Intuit Inc. (INTU) $296.87 3.34%
Cisco Systems Inc. (CSCO) $116.31 3.27%
Amazon.Com Inc. (AMZN) $258.47 3.03%
Netflix Inc. (NFLX) $69.97 2.95%
Amgen Inc. (AMGN) $410.10 2.86%
Alphabet Inc. Class C (GOOG) $350.52 2.79%
NetEase Inc. Ads (NTES) $119.21 2.72%
Broadcom Inc. (AVGO) $370.08 2.43%
Paychex Inc. (PAYX) $101.48 2.05%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Illumina Inc. (ILMN) $264.42 -12.12%
Microchip Technology Inc. (MCHP) $76.29 -5.32%
Idexx Laboratories Inc. (IDXX) $507.48 -3.77%
Biomarin Pharmaceutical Inc. (BMRN) $54.82 -3.61%
Western Digital Corp. (WDC) $399.95 -3.35%
Wynn Resorts Ltd. (WYNN) $74.39 -3.34%
Henry Schein Inc. (HSIC) $82.03 -3.31%
Charter Communications Inc. (CHTR) $108.00 -3.31%
Meta Platforms Inc. (META) $719.56 -3.19%
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