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Markets Drop Weighed Down By Rising Oil Prices

Rob Black Show

Looking for strategies to help you protect your portfolio in these uncertain times? Visit robblack.com. Robblack.com. Powered by E.P. Wealth. The S&P 500 down 0.8%. The NASDAQ down 1%. The Dow Jones Industrial Average down 0.7%. You're sitting just a touch above their session lows just before midday as rising oil prices and treasury yields renew pressure on stocks.

Oil is approaching its overnight high up $3, up 3.3% to $95.41 a barrel following President Trump's rejection of Iran's conditional approval to reopen the Strait of Hormuz. Meanwhile, the 10-year Treasury note yields its up 10 basis points to 5.26. As has been the story of September, the results are predictable. Weakness is broad with climbers outpacing advancers by roughly 4 to 1.

Eight S&P 500 sectors trade lower while pressure on mega cap stocks has left the communication services sector down 1.8%. Consumer discretionary down 1.4% are some of the sector's weakest performers today. Meta has given up about 4% as a trillion-dollar-plus company. It's giving back some of its last week's double-digit advance. It's pretty normal. Pretty common.

NVIDIA is helping limit the decline today in the IT announcing a $150 billion increase to its share repurchase authorization and AI safety data platform. More on that in just a second. The S&P 500, the Dow, the NASDAQ are all down between three quarters of 1% and 1%, with Russell 2000 down 1% as well. Gold sitting down $167 an ounce to $4,153.

Bitcoin trading down $1,277 to $83,176. It's crude oil and the bonds that are the story today. The focus this week is going to be on U.S. jobs and inflation. The Federal Reserve raised U.S. interest rates this month for the first time since 2023.

Markets Drop Weighed Down By Rising Oil Prices

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Markets Drop Weighed Down By Rising Oil Prices

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.