U.S. stocks closed at the lows of the session on Thursday ahead of the Consumer Price Index, due Friday, which is expected to show inflation remained near a 40-year high. Bond yields advanced again with the 10-year crossing 3% and the 2-year hitting 2.815%, the highest since December 2018. In commodities, oil closed at $121.51 with gas prices expected to hit $5 a gallon overnight.
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Symbol | Price | Change | %Change |
---|---|---|---|
CMG | $1,383.02 | +11.12 | +0.81% |
Symbol | Price | Change | %Change |
---|---|---|---|
I:DJI | $32,677.87 | -233.03 | -0.71% |
Dow laggards include Boeing, Disney, Visa and Apple, while Home Depot, 3M and Saleforce are notching modest gains.
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U.S. stocks fell across the board as rising bond yields created fresh headwinds for riskier assets. Additionally, weekly jobless claims ticked up to the highest level since mid-January. In commodities, oil hovered at $120 per barrel with gas prices about three cents shy of $5 a gallon.
Initial claims rose to the highest since mid January.
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U.S. equity futures traded higher Thursday morning, following a day that saw stocks snap a two-day winning streak. Traders will keep an eye on the latest jobless claims report as well as interest rate news from the European Central Bank.
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The average price for a gallon of gasoline in the U.S. rose to a record on Thursday at $4.97, according to the latest numbers from AAA. The price on Wednesday was $4.955. The price of diesel increased to $5.74 from $5.719.
Oil prices trimmed recent gains with U.S. West Texas Intermediate crude trading above $120 a barrel. Brent crude futures traded around $123 a barrel. Both benchmarks closed Wednesday at their highest since March 8.
Data from the Energy Information Administration showed the U.S. posted a record fall in strategic crude reserves even as commercial stocks rose last week. U.S. gasoline inventories unexpectedly dropped, indicating demand for the motor fuel during peak summer despite sky-high pump prices.
Bitcoin was around $30,000, trading down for the past two days heading into Thursday. The cryptocurrency is down almost 4% during that time. Bitcoin is off almost 5% month-to-date and down more than 34% year-to-date. Ether was closing in on $1,800 and Dogecoin was around 8 cents.
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