Wall Street climbed and showed signs of reviving, and oil prices remained hot

Amazon and Apple Disappoint Wall Street losses

Wall Street climbed and showed signs of reviving, and oil prices remained hot.

The oil market remains hot despite falling by more than 2% during Thursday trading hours. Before that, data from Cushing, Oklahoma, the primary U.S. oil storage location, raised concerns among commodity traders. A significant decrease in oil inventories has intensified worries about global supply shortages. Last night, West Texas Intermediate (WTI) crude oil futures briefly reached $95 per barrel, continuing a substantial uptrend that started in the summer. Over the last three months, crude oil prices have surged by approximately 40%, with WTI crude rising by 3.6% on Wednesday, marking its most significant increase since May. These developments reflect growing concerns about oil supply constraints and are causing volatility in the market. Moving to today’s session, as of 15:40 a.m. ET, the West Texas Intermediate fell by 2.18% to the current market price level of $92 per barrel. Brent oil declined by 1.44% to $91 per barrel.

The group leader at HFI Research writes, ‘U.S. crude storage will not build during refinery maintenance season [in October]… and one of the bear factors was demand, but demand is holding up well.”

In the context of the stock market, stocks are rebounding after signs of this bind. For the third straight day, the stock market is gaining some momentum. The past week was driven by mixed concerns that affected the stock market price stability, which ended the weekend with minor losses.

Yet this week, the U.S. economy is showing signs of reviving, which supports the FED’s decision to keep interest rates high. By now, there is a 50% chance that the U.S. central banks will raise their key interest rates in November and probabilities another hike in December. Yet it is still too soon to assume such forecasts.

On top of that, Bank of America (BAC) CEO Brian Moynihan commented early and said that its specialists are expecting a soft economic landing this year. Moynihan said in his latest interview that the U.S. won’t have a recession, baking its assumption with economic data and global comparisons.

In terms of today’s stock market performance, the Wall Street Main index rebounded, showing signs of resilience. The S&P 500 benchmark rose by 0.55% to 4.298 bps, the tech-heavy Nasdaq composite jumped by 0.77% to 13.193 bps, and the Dow Jones composite roughly added 0.2% to 33.638 bps.

Moving to the bond market, 10-year Treasury yields were down by 0.26% to 4.6%, whereas 30-year mortgage rates rose by 0.33%. Still, other bond indices all fell by an average of 0.3%.

In other economic news, the U.S. economy is threatened by another strike in the casino forces, estimated by a strike of 40.000 workers. The automaker strike has come to an end. Yet, the Culinary Workers Union Local 226 and the Bartenders Union Local 165 in Nevada have resoundingly approved a strike authorization for the Las Vegas Strip.

Written by Editor

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