Stocks slipped on Thursday, with all three major indices finishing in the red.
Let’s head to the scoreboard:
Dow:18,483.61, -42.53, (-0.23%) S&P 500:2,182.04, -4.12, (-0.19%) Nasdaq:5,260.81, -23.11, (-0.44%) WTI crude oil: $47.32, +1.82, (+4.00%) 10-year yield: 1.599, +0.060, (+3.90%)
Oil prices spiked after commercial crude oil inventories fell by 14.5 million barrels – the largest drop in nearly two decades. “This was primarily due to Hurricane Hermine which prevented ships docking in the Gulf of Mexico. As such we think that last week’s plunge in imports and stocks is likely to be a one-off,” wrote Thomas Pugh, commodities analyst at Capital Economics. Treasurys got slammed after the ECB said it would not extend its bond buying program. As of 2:15 p.m., the 10 year US Treasury yield was higher by 7.5 basis points at 1.615%. Twitter’s stock tanked while its board had a big meeting about the company’s future. The stock was down over 6% in midday trading. Consumer credit rose more than expected in July.US consumer credit balances rose by $17.71 billion in July, according to the Federal Reserve. Outstanding revolving credit, which includes credit-card purchases, rose at a 3.4% annual rate to $969 billion. Bank of America CEO Brian Moynihan has confidence in the American consumer. “The year-to-date consumers on our debit and credit cards are spending 4.7% more than they did last year and the pace is accelerating,” he said in an interview with CNBC. “So, the consumer is in very good shape credit quality wise, spending wise.” Initial jobless claims unexpectedly fell to 259,000. “The trend in the data looks pretty good, even though it is not as upbeat as some of the figures reported early in July,” said Daniel Silver, an economist at JPMorgan. Elizabeth Warren, Bernie Sanders, and three other US senators are going after Aetna for leaving Obamacare. The senators sent a letter ot the company’s CEO questioning the motivations of the company in its decision to ditch 70% of its Affordable Care Act.