"After blowing through all-time highs for the umpteenth time on Wednesday, stocks started higher again on Thursday but started to sell off after the noon hour. While most of the upside for much of the week was related to the peace process with Iran and falling oil prices, that unraveled some on Thursday when a Chinese tanker was attacked near a key oil route, which was all it took to send oil prices higher again, and wake up the sellers who were noticeably absent much of the week as technology earnings blew away estimates."
"When it was all said and done on Thursday, all of the major indices finished the day lower, with the small-cap heavy Russell 2000 leading the way lower, closing down 1.67% at 2,838, while the Dow Jones Industrial Average traded lower by 0.63% to finish the day at 49,596. The S&P 500 closed Thursday at 7,337, down 0.38%, while the tech-loaded Nasdaq fared the best, closing down 0.13% at 25,806."
"After a slew of buyers showed up when Treasury yields hit 5% earlier this week on the longest maturities, the sellers had seen enough and returned, and yields across the Treasury curve were all higher on Thursday, with only the shortest T-bill maturities being bought. The attack on the Chinese ship and the spike in oil prices were seen as the provocateur, and likely, as with equities, some profit-taking was involved as well."
"Prices were mixed across the energy complex on Thursday, but we didn't see the drastic moves that have been part and parcel for energy trading since the start of the war with Iran. This comes as the U.S. Secretary of Energy noted that Iran has cut oil output by 400,000 barrels per day amid collapsing exports and a lack of storage. Brent Crude closed trading on Thursday at $100.50, down 0."
Futures rose into the end of a volatile week, but major indexes fell on Thursday after selling intensified after noon. Early gains were tied to progress in the Iran peace process and falling oil prices, but the rally weakened when a Chinese tanker was attacked near a key oil route, pushing oil prices higher. Technology earnings exceeded estimates, yet sellers returned and indices finished lower, with the Russell 2000 down 1.67%, the Dow down 0.63%, the S&P 500 down 0.38%, and the Nasdaq down 0.13%. Treasury yields rose across most maturities after earlier buying at around 5% yields, with the 30-year near 4.96% and the 10-year near 4.38%. Energy prices were mixed, while Iran’s oil output reportedly fell by 400,000 barrels per day due to collapsing exports and limited storage.
Read at 24/7 Wall St.
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