Oil rose, notching a gain for the week, as traders kept an eye on the...
Oil rose, notching a gain for the week, as traders kept an eye on the risk of escalation in the Middle East conflict and a deluge of other potentially pivotal market drivers.
West Texas Intermediate climbed 2.3% to settle near $72 a barrel, while global benchmark Brent settled just above $76. The US benchmark pushed past its 50-day moving average of about $71.65, a technical level that can contribute to accelerated buying from algorithmic traders.
Oil has been whipsawed this month by the tensions in the Middle East, as well as concerns that the market may face a glut next year, driven by output growth from non-OPEC+ producers and plans by the cartel to ease curbs.
WTI for December delivery climbed 2.3% to settle at $71.78 a barrel in New York.
Brent for December delivery added 2.2% to settle at $76.05 a barrel.
S&P 500 snaps 6-week winning streak as U.S. stocks end mixed Friday
The U.S. stock market finished with mixed results on...
The U.S. stock market finished with mixed results on Friday and mostly fell for the week as interest rates in the bond market extended their climb ahead of next week’s jobs report. A three-day S&P 500 losing streak ended, mainly due to Tesla's 22% earnings-related surge. Other earnings were mixed, but U.S. data impressed.
Treasury yields finally cooled today despite another round of firm U.S. economic data including jobless claims, new home sales, and October Purchasing Managers' Index (PMI) readings. Yields remain near three-month highs on data, falling rate cut expectations, and foreign policy concerns related to the election. The U.S. dollar rally also paused today even though PMI readings from Europe and Asia disappointed. Here's where the major benchmarks ended:
The S&P 500® index (SPX) rose 12.44 points (0.21%) to 5,809.86; the $DJI fell 140.59 points (–0.33%) to 42,374.36; and the Nasdaq Composite® ($COMP) added 138.83 points (0.76%) to 18,415.49.
The 10-year Treasury note yield fell four basis points to 4.20%.
The CBOE Volatility Index® (VIX) was about flat at 19.18.
Dominion Energy sells 50% stake in offshore wind project
Dominion Energy has completed a $2.6 billion sale of a 50% stake in the...
Dominion Energy has completed a $2.6 billion sale of a 50% stake in the Coastal Virginia Offshore Wind project to infrastructure investor Stonepeak as part of its plan to reduce borrowing. Dominion will retain operational control, while Stonepeak gains minority rights and shares future expenses. The project will supply energy to some 660,000 homes from 2026.
The 2024 World Series kicks off tonight in Los Angeles, featuring a classic matchup between the Yankees and Dodgers—their 12th championship meeting. This series marks a rare clash between both leagues' top seeds and showcases unprecedented star power, including five former MVPs and both leagues' current home run leaders in Aaron Judge and Shohei Ohtani.
The stakes are high for both teams: The Yankees aim to extend their record with a 28th championship, while the Dodgers pursue their eighth title and hope to avoid adding to their record of 14 World Series losses. The series starts at 8 PM ET on FOX, with oddsmakers giving the Dodgers a slight edge.
Israeli strikes across Gaza have killed at least 59 people over two days, including 17 who were reportedly seeking shelter at a school. The strikes come a week after Israeli forces killed Hamas' military head and leader, Yahya Sinwar, and as the militant group continues searching for a successor. See war updates here.
Meanwhile, US and Israeli negotiators are expected to travel to Qatar's capital, Doha, this weekend to renew stalled talks over a cease-fire and hostage-release deal. The US saw Sinwar as an obstacle in negotiations, but it isn't clear if Hamas is willing to return to the table. Options for a plan reportedly include one from Egypt, which calls for a two-week pause in fighting in exchange for the release of six hostages. Roughly 97 hostages taken Oct. 7, 2023, are still in Hamas' captivity.
In neighboring Lebanon, Israeli and Hezbollah forces continued to trade fire (see updates, w/maps), particularly in the southern part of the country. Hezbollah has also lost both its leader and presumed successor.
