Federal Chairman Jerome Powell's latest comments came with hawkish undertones
Wall Street once again experienced broad market losses, with the Nasdaq and S&P 500 turning in their third-straight drop following hawkish commentary from Fed Chairman Jerome Powell. The Dow logged a 250-point drop as the 10-Year Treasury yield inched closer to the 5% level and 16-year highs. Finally, the Cboe Volatility Index (VIX) marked its third-straight win, and fifth in the last six sessions.
- Surging telecom stock saw its options pits explode.
- Streaming stock soars after big earnings report.
- Plus, REIT puts pop; Tesla tanks; and a chip stock on the rise after earnings.
5 Things to Know Today
- Major U.S. financial institutions have quietly let go of thousands of workers over the course of the year, but the worst is yet to come. (CNBC)
- The Federal Reserve's Beige Book survey found "stable" to "slightly weaker" growth in the U.S. economy so far this fall. (MarketWatch)
- Options bears are blasting this REIT.
- It was a day to forget for Elon Musk and Tesla stock.
- Chip stock popped after massive beat-and-raise.
Oil Futures Advance Despite U.S. Sanction Update
Crude futures moved higher Thursday, brushing news that the U.S. eased sanctions on Venezuela amid anxieties over the war in the Middle East. Crude for November delivery rose $1.05, or 1.2%, to settle at $89.37 per barrel.
Gold futures moved higher as well, with the safe-haven asset rising in the wake of Fed Chair Powell's hawkish comments. December-dated gold adding $12.20, or 0.6%, to settle at $1,980.50 an ounce