Oil Tops $100, Yields Surge as Stocks Extend Slide Ahead of Fed
IXIC sits 26% above its 52-week low of $20,690.249 on light trading volume (0.4× avg).
Summary
U.S. stocks are lower Thursday, with the Nasdaq down 0.4% at 26,149.13, as crude oil surged above $100 a barrel for the first time since May and the 10-year Treasury yield hit its highest level in almost three years. The move extends a multi-day decline driven by Middle East war escalation and rising rate-hike expectations. A Wall Street Journal report says top White House advisers have privately raised the prospect the war could drag on through the rest of Trump's term, adding to uncertainty. The CME FedWatch Tool now shows a 67.6% chance of a quarter-point rate hike at next week's Fed meeting, up from prior levels. August PPI data showed annual price growth accelerated slightly more than expected, reinforcing inflation concerns. Housing and gold stocks are leading sector losses, while networking and brokerage stocks buck the trend.
At the time of this announcement, IXIC was trading at $26,144.72 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.