BONDS GET SMOKED: Here's what you need to know

US stocks closed lower but little changed on Thursday, while crude oil finished higher for the first time in four trading sessions after more OPEC-related rumours surfaced.
Reuters reported that Saudi Arabia and its Gulf OPEC allies are considering cutting their production by 4%
Treasurys fell, sending longer-dated yields to their highest level of the year since May.

First, the scoreboard:

  • Dow: 18,181.46, -17.87, (-0.10%)
  • S&P 500: 2,134.62, -4.81, (-0.22%)
  • Nasdaq: 5,216.42, -33.85, (-0.64%)
  • 10-year yield: 1.839%, +0.049
  1. Twitter beat on earnings and revenues, but confirmed that it is laying off 9% of its workforce, and is killing Vine. The company posted revenue of $616 million in revenue, an 8% lift year-over-year, and an adjusted profit of $0.13 a share in the three months that ended September 30. Monthly active users grew 3% year-on-year to 317 million — up 4 million from last quarter.
  2. Qualcomm has agreed to buy NXP Semiconductors for $47 billion in an all-cash deal. The deal is the largest in the history of the semiconductor industry. Qualcomm has agreed to pay $110 a share for NXP, an 11% premium over NXP’s closing price on Wednesday.
  3. Ford’s third-quarter earnings that beat expectations. The automaker made $0.26 per share on an adjusted basis, on $35.9 billion in revenue. Analysts had expected $0.21 per share. Ford joined Detroit rivals General Motors and Fiat Chrysler Automobiles in reported better-than-expected earnings in Q3, amid concern in the industry that the US auto sales market has peaked.
  4. The biggest IPO of the year got off to a disappointing start. Shares of Chinese package delivery company ZTO Express opened at $18.40 per American Depository Share, below the initial public offering price of $19.50. The company raised $1.4 billion in the IPO on Wednesday as early backers cashed in on China’s booming online-shopping industry.
  5. Initial jobless claims fell less than expected last week, by 2,000 to 258,000. Economists had expected a reading of 256,000. This is the 86th consecutive week that claims have been below 300,000 — the longest streak since 1970.
  6. Durable goods orders fell 0.1% in September, more than forecast, according to a preliminary release. The headline drop was due to a plunge in orders for defence aircraft and parts. Durable goods orders provide a window into business spending, which has contracted every quarter since the last three months of 2015.
  7. Pending home sales grew by 1.5%, better than the forecast for a 1% increase. The jump brought the pending sales of singe family homes, condos and co-ops to their fifth-highest level of the last year, according to the National Association of Realtors.


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