Stocks Slide as Oil Jumps on China Export Suspension; Banks Hit Four-Month Low
IXIC sits 29% above its 52-week low of $20,690.249 on light trading volume (0.4× avg).
Summary
U.S. stocks are mostly lower midday Thursday as crude oil extends its rally, with WTI up more than 2% after Reuters reported Chinese refiners suspended oil product exports for October. The Nasdaq is down 0.2% at 26,811, the S&P 500 off 0.3%, and the Dow down 0.6%. Banking stocks are leading declines—the KBW Bank Index is down 2.4% to a four-month intraday low—while housing stocks hit a two-year low. Initial jobless claims unexpectedly fell to 197,000, but traders are holding back ahead of Friday's jobs report, where economists expect 90,000 new jobs. This follows a volatile September driven by Middle East oil shocks and a Fed rate hike; today's move reflects renewed supply concerns from China's export halt.
At the time of this announcement, IXIC was trading at $26,764.05 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.