Wall Street's multi-day rally fizzled Tuesday as the U.S. trade deficit swelled by 15.6% in August to a higher-than-expected $48.3 billion. The Dow just barely finished in the green as it extended its winning streak to three sessions, while the S&P 500 and Nasdaq both fell into negative territory.
While rally slowed, oil settled at its highest level since August 31 at $48.53 per barrel. This comes as the government forecast showed tighter supplies next year.
Oil's spike gave a lift to energy stocks, which led gains in the S&P.
Drillers and exploration, as well as production firms like Apache (NYSE:APA), Diamond Offshore Drilling (NYSE:DO), Transocean (NYSE:RIG) and Hess (NYSE:HES) saw a big jump.
Yum Brands (NYSE:YUM), parent company of fast-food chains like KFC, Taco Bell and Pizza Hut - fell more than 17% after reporting 3Q earnings. The company missed on both EPS and revenue, citing a negative impact from foreign currency and reported it is difficult to forecast China sales, but is now estimating full-year same-store sales to be low single-digit negative.
And we know you're loving it! Tuesday marked the first day McDonald's rolled out all-day breakfast at a majority of its locations.
For people mourning the loss of the old dollar menu, take note --the average price of the breakfast menu is 28% cheaper than the standard sandwich and wrap offerings.