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        Oil falls more than 3% on softening demand: Is that an opportunity or not?
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        Wall Street Today | Market Slows on Oil Decline

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        Moomoo Recap US joined discussion · 11/17/2023 05:20
        Wall Street Today | Market Slows on Oil Decline
        RECAP
        U.S. stocks were taking a breather on Thursday following a rally that has carried the Nasdaq nearly 10% higher since the beginning of November, allowing both the tech-heavy index and the S&P 500 to exit correction territory.  WTI Crude dropped more than 4.7%, pulling the market lower.
        The $S&P 500 Index(.SPX.US)$ rises 0.12%, the $Dow Jones Industrial Average(.DJI.US)$ shed 45 points, or 0.13%, and the $Nasdaq Composite Index(.IXIC.US)$ closes to flat.
        Since the start of the month, a broad rally has seen unloved corners of the market, including the small-cap $Russell 2000 Index(.RUT.US)$, surge higher on hopes that the Federal Reserve could cut interest rates as soon as March.
        MACRO
        Jobless Claims Climb to Three-month High of 231,000 in Sign Labor Market Is Cooling
        Last week, the number of Americans who applied for unemployment benefits jumped to a three-month high of 231,000, suggesting some softening around the edges of a strong U.S. labor market. The government said that new jobless claims climbed 13,000 from a revised 218,000 in the prior week.
        Claims still show a very low number of job losses and indicate the economy is stable, but businesses are hiring less, and the labor market appears to have cooled off a bit.
        Economists had forecast new claims in the week ending Nov. 11 to total 222,000.
        U.S. Congress Avoids Shutdown, Awaiting Biden Signature
        The Democratic-controlled U.S. Senate approved a short-term funding measure that prevents a government shutdown this weekend, after the Republican-controlled House of Representatives gave its OK on Tuesday. The deadline for a shutdown is Nov. 17."This Friday night, there will be no government shutdown," Senate Majority Leader Chuck Schumer, D-N.Y., said in a floor speech before the vote Wednesday night.
        President Biden is expected to sign the bill soon to keep the government open until Jan. 19, the new deadline for a long-term budget deal to avoid a shutdown for the rest the government's fiscal year.
        SECTORS
        Crude Oil Falls Almost 5% on Rising Inventories, Record US Production and a Slowing Economy
        West Texas Intermediate (WTI) crude oil weakened for a second day on Thursday, dropping 4.9% as rising inventories amid record production in the United States continue to heighten demand concerns.
        Crude oil Futures for Jan. 2024.
        Crude oil Futures for Jan. 2024.
        WTI crude oil for December delivery closed down US$3.76 to settle at US$72.90 per barrel, the lowest since July 6, while January Brent crude, the global benchmark, closed down US$3.76 to US$77.42 per barrel.
        The drop follows Wednesday's weekly report from the Energy Information Administration, which showed a 3.6-million barrel rise in inventories last week, bringing the two-week rise to 17.5 million barrels, while US production stayed at a record 13.2-million barrels per day, 1.1-million bpd above the year-prior level.
        Mortgage Rates Fall for the Third Week in a Row. 'There Is Room' for Rates to Drop Further, One Economist Says
        Mortgage rates fell for the third week due to early signs that inflation is slowing. The 30-year fixed-rate mortgage averaged 7.44% as of Nov. 16, according to data released by $FREDDIE MAC(FMCC.US)$ on Thursday.
        That's down 6 basis points from the previous week. One basis point is equal to one-hundredth of a percentage point. A year ago, the 30-year rate was averaging 7.5%. The average rate on the 15-year mortgage was 6.76%, down from 7.81% last week. The 15-year was at 5.98% a year ago.
        Freddie Mac's weekly report on mortgage rates is based on thousands of applications from lenders across the country submitted to Freddie Mac when a borrower applies for a mortgage. According to separate data from Mortgage News Daily, the 30-year fixed-rate mortgage averaged 7.45% on Thursday afternoon.
        COMPANIES
        Walmart Leads Retailers Lower as Company Sees Consumers Turning Cautious
        $Walmart(WMT.US)$ led retailers lower as the company observed that consumers are turning more cautious in their spending, potentially hurting sales.
        Intel Stock Rises 6% Midday Following Upgrade from Mizuho
        Earlier Wednesday, $Intel(INTC.US)$ stock was up a few percent following an upgrade to "Buy" from Japanese investment bank Mizuho & Co, and now it keeps going higher to 6% percent.
        Amazon Will Allow Car Sales on Its Website. CarMax and Carvana Beware
        $Amazon(AMZN.US)$ said Thursday that it will begin online sales of vehicles next year. Hyundai will be the first brand available for purchase. The car maker named Amazon Web Services as its preferred cloud-computing provider to facilitate the online transformation.
        Burberry Falls After Steep Slowdown in Sales Growth, Sags Luxury Sector
        $Burberry Group plc Sponsored ADR(BURBY.US)$ on Thursday said it is unlikely to achieve its sales goals for its current fiscal year due to a global slowdown in spending on luxury goods that has seen the world's top fashion houses and luxury goods companies suffer.
        New York AG Files Lawsuit Against PepsiCo, Alleging Pollution of Buffalo River
        Letitia James, attorney general of New York, filed a lawsuit alleging $PepsiCo(PEP.US)$'s production of single-use plastic is polluting the Buffalo River.
        Source: Bloomberg, Dow Jones, CNBC
        Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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