Stocks didn’t move much in trading on Thursday, though fears over the debt ceiling began to creep into the bond market and oil took it on the chin.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 21,783.54, -23.52, (-0.11%)
- S&P 500: 2,438.96, -5.12, (-0.21%)
- Nasdaq: 6,271.33, -7.08, (-0.11%)
- Yields for Treasurys headed higher as fears about the debt ceiling grew. President Donald Trump tweeted that the debt ceiling negotiations are a “mess” on Thursday morning, sending yields for Treasury bills expiring after the second week of October to their highest level since they were issued in October 2016.
- Oil sank off high inventory levels and despite a hurricane bearing down in the Gulf Coast. Typically when hurricanes like Hurricane Harvey head through the Gulf, US oil prices rise on concerns that supply may be constrained. This typical pattern was outweighed, however, by Wednesday’s report that weekly US crude oil production was at its highest since July 2015.
- Sears sales plunge, says it will close 28 Kmart stores. The same store sales were down by 11.5% from the same quarter a year ago, which was actually better than analysts’ expectations. The stock finished down by a little more than 1% for the day.
- Whole Foods will cut prices once the Amazon deal closes on Monday. Additionally, all of Whole Foods in-house products will be available on Amazon and Amazon Prime members will get special discounts at Whole Foods stores. “To get started, we’re going to lower prices beginning Monday on a selection of best-selling grocery staples,” a statement from Whole Foods said.
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