Oil Prices Drop, Taking Pressure Off Inflation

Trip Advisor, Uber were among the winners on Wall Street Tuesday
By Newser Editors and Wire Services
Posted Nov 7, 2023 3:41 PM CST
Oil Prices Drop, Taking Pressure Off Inflation
The New York Stock Exchange building is on Wall Street in New York City on Friday, November 3, 2023.   (AP Photo/Ted Shaffrey)

Stocks ticked higher on Wall Street Tuesday as markets continued to absorb the big swings that have shaken them in recent weeks.

  • The S&P 500 rose 12.40 points, or 0.3%, to 4,378.38.
  • The Dow Jones Industrial Average rose 56.74 points, or 0.2%, to 34,152.60.
  • The Nasdaq composite rose 121.08 points, or 0.9%, to 13,639.86.
Gains in several Big Tech companies helped push the index higher, even though more stocks fell than rose. The 10-year Treasury yield eased following its own sharp swings since the summer. Oil prices fell sharply to take some pressure off inflation.

TripAdvisor jumped 11% after reporting better results for the summer than analysts expected, while Emerson Electric sank 7.4% after falling short of expectations, the AP reports. The majority of big companies has been topping estimates so far this earnings reporting season, but another factor has been much more influential in driving the stock market's big swings since the summer: the bond market. Treasury yields there were easing Tuesday, with the 10-year yield fell to 4.57% from 4.66% late Monday.

Elsewhere on Wall Street, homebuilder D.R. Horton jumped 2.9% after reporting better results for the latest quarter than analysts expected. Uber Technologies rose 3.7% after earlier swinging between gains and losses. It reported a bigger profit than expected, but its revenue growth was not as strong as forecast. Shares of WeWork were not trading after the office-sharing company filed for Chapter 11 bankruptcy protection. It's a stunning fall for the company that had promised to upend the way people went to work around the world. After earlier being valued at $47 billion, its stock fell 98.5% this year.

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In the oil market, crude prices tumbled to continue their own sharp recent swings. A barrel of benchmark US crude dropped $3.45 to settle at $77.37 and is back to where it was in July, before the latest Israel-Hamas war raised worries about potential disruptions to supplies. Brent crude, the international standard, lost $3.57, to $81.61. Oil prices fell as worries continue about how much fuel the world's second-largest economy will burn. China reported its exports fell 6.4% in October from a year earlier, the sixth straight monthly decline, while imports rose 3%, the first such increase in over a year. The trade surplus fell to $56.5 billion.

(More stock market stories.)

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