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Rebound in Tech Stocks Power Wall Street Advance as Oil Prices Ease

Barry Adams
08 Oct, 2024
New York City

Investors returned to increase stock exposure following a sell-off in the previous session, but worries of a wider war in the Middle East persisted.

The S&P 500 index edged up 0.6% and the Nasdaq Composite advanced 1% as investors focused on the start of the earnings season and awaited results from Wells Fargo, Morgan Stanley, Bank of America, and JP Morgan.

PepsiCo declined about 1% after the food and beverage company lowered its annual earnings outlook.

Bond yields hovered above 4% for the second day in a row and stayed at a five-week high amid worries of a rebound in inflation following the 11% jump in crude oil prices over the last two weeks.

Stocks have been volatile, and crude oil prices have been on the rise on the worries that Israel could strike oil infrastructure after Iran's missile attacks.

For now, the U.S. has managed to stave off a retaliatory strike, but investors are fearful that Israel's strike could lead to a wider war that could make shipping riskier through the Strait of Hormuz.

On the economic front, the international trade deficit declined 10% to a five-month low of $70.4 billion in August from an upwardly revised $78.9 billion in July, the Commerce Department reported Tuesday.

Exports increased 2% from the previous month to a record high of $271.8 billion, and imports eased 0.9% to $342.2 billion.

Trade deficit with China shrank to $27.9 billion from $31.1 billion, and with Canada, it eased to $3.1 billion from $8.1 billion.

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.6% to 5,729.32, the Nasdaq Composite rose 0.9% to 18,095.15, and the Russell 2000 index fell 0.1% to 2,191.69.

The yield on 2-year Treasury notes edged higher to 4.01%, 10-year Treasury notes inched up to 4.05%, and 30-year Treasury bonds inched higher to 4.33%.

WTI crude oil decreased $2.49 to $74.63 a barrel, and natural gas prices edged down 2 cents to $2.72 a thermal unit.

Gold fell by $2.28 to $2,640.35 an ounce, and silver decreased by $0.65 to $31.53.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 102.49.

U.S. Stock Movers

PepsiCo increased 1.1% to $169.11, and the food and beverage company lowered its annual earnings outlook.

Bank of America increased 0.1% to $40.01, and the company is scheduled to release earnings next week.

Berkshire Hathaway sold additional 9.6 million shares of the bank over the last three trading sessions and lowered its stake to 10.1%, according to a regulatory filing with the Securities and Exchange Commission.

China-linked stocks were in focus after Chinese authorities failed to announce new stimulus measures.

Alibaba Group decreased 6% to $110.28, Las Vegas Sands dropped 2.9% to $51.78, and Wynn Resorts declined 2.9% to $103.41.

DocuSign jumped 8.3% to $67.95 after the company was selected to replace MDU Resources in the S&P MidCap 400 Index.

MDU Resources advanced 3.8% to $28.50.

Europe Movers: Deutz, Imperial Brands, Pernod Ricard, Remy Cointreau, Vistry

Inga Muller
08 Oct, 2024
Frankfurt

The weakness in resource, luxury goods, and automobile stocks dragged down European indexes.

Germany's industrial output rebounded, confirming a volatile trend over the last year.

France's goods trade deficit widened amid the persistent deficit in energy and manufactured products.

China-linked luxury brands declined in Paris and Milan, automakers fell in Frankfurt, and resource companies eased in London.

LVMH dropped 3.4% to €656.40, Hermes International declined 1% to €2,139.0, and Prada SpA decreased 1.4% to €6.50.

Mercedes-Benz Group declined 1.5% to €56.79, BMW fell 2% to €76.26, and Volkswagen Group edged lower 1.3% to €92.60.

French spirit and wine makers dropped after China imposed a temporary retaliatory tariff on brandy imports from the European Union.

Remy Cointreau SA dropped 7.6% to €60.75, and Pernod Ricard declined 3.8% to €126.50.

Antofagasta decreased 4.2% to 1,907.50 pence, Glencore declined 3.2% to 423.35 pence, and Anglo American fell 5.3% to 2,314.0 pence.

Vistry Group plunged 24% to 966.25 pence after the UK-based home builder sharply lowered its fiscal 2024 profit estimate.

Imperial Brands increased 4.4% to 2,239.0 pence after the tobacco products maker reaffirmed its fiscal year outlook.

Deutz AG increased 0.5% to €4.14, and the German engine maker said it plans to cut job costs amid challenging economic environment.

Germany's Volatile Industrial Output Rebounded and France's Goods Trade Deficit Widened In August

Bridgette Randall
08 Oct, 2024
London

European market sentiment was weak after China's latest fiscal measure announcements fell short of market expectations.

Benchmark indexes in London, Paris, Frankfurt, and Milan hovered near two-week lows after the weakness in luxury goods and resource companies dragged down markets.

On Tuesday, China's National Reform and Development Commission announced several key steps to implement previously announced monetary and fiscal measures.

However, the top planning body failed to provide any new key measures that could support higher consumption and alter the downward trajectory in employment and economic growth.

The widely attended press conference underwhelmed investors, and benchmark indexes in Hong Kong plunged as much as 11%.

Closer to home, on the economic front, investors overlooked the latest update on German industrial output and the French trade deficit.

German Industrial Output Confirmed Volatile Trend In Automobile Industry

German industrial output rebounded 2.9% from the previous month in August, reversing a decline of revised 2.9% in July, according to the Federal Statistical Office, or Destatis.

The statistical office adjusts industrial data for seasonal and calendar factors and also for inflation.

On an annual basis, industrial production fell at a slower pace of 2.7% compared to a fall of 5.6% in July.

Industrial production data have been volatile over the last twelve months because of the sharp swings in automobile production.

Production of motor vehicles, trailers, and semitrailers soared 19.3% after shrinking 8.2% in the previous month.

In addition, construction activities increased 0.3%, and energy production advanced 2.3%.

Industrial production, excluding energy and construction, increased by 3.4% in August compared to July.

Production of capital goods rose by 6.9%, intermediate goods by 0.1%, and consumer goods remained unchanged.

Outside industry, energy production increased by 2.3% in August, and construction production increased by 0.3% compared to the previous month.

France's Goods Deficit Widened In August

France's international goods trade deficit widened in August after exports rose at a softer pace than imports.

Goods exports increased 0.4% from the previous month to €49.7 billion, and imports rose 2.7% to €57 billion, widening the trade deficit to €7.4 billion from the revised €6 billion in July, according to the latest data available from the ministry of economy and finance.

Deficit in energy trade expanded to €4.5 billion from €4.0 billion in the previous month, in manufactured goods increased to €4.4 billion from €3.5 billion, and agriculture products edged up to €0.3 billion from €0.1 billion.

Europe Indexes and Yields

The DAX index decreased by 0.2% to 19,067.95; the CAC-40 index fell by 0.6% to 7,532.55; and the FTSE 100 index declined by 1.0% to 8,217.95.

The yield on 10-year German bonds edged higher to 2.25%, French bonds inched higher to 3.03%, the UK gilts edged up to 4.20%, and Italian bonds increased to 3.58%.

The euro edged lower to $1.09; the British pound inched lower to $1.30; and the U.S. dollar weakened to 85.61 Swiss cents.

Brent crude decreased $1.40 to $79.48 a barrel, and the Dutch TTF natural gas fell by €1.20 to €39.50 per MWh.

Europe Stock Movers

China-linked luxury brands declined in Paris and Milan, automakers fell in Frankfurt, and resource companies eased in London.

LVMH dropped 3.4% to €656.40, Hermes International declined 1% to €2,139.0, and Prada SpA decreased 1.4% to €6.50.

Mercedes-Benz Group declined 1.5% to €56.79, BMW fell 2% to €76.26, and Volkswagen Group edged lower 1.3% to €92.60.

French spirit and wine makers dropped after China imposed a temporary retaliatory tariff on brandy imports from the European Union.

Remy Cointreau SA dropped 7.6% to €60.75, and Pernod Ricard declined 3.8% to €126.50.

Antofagasta decreased 4.2% to 1,907.50 pence, Glencore declined 3.2% to 423.35 pence, and Anglo American fell 5.3% to 2,314.0 pence.

Japan's Real Wages and Household Spending Declined In August, Current Account Surplus Surged to Record High

Akira Ito
08 Oct, 2024
Tokyo

Stock market indexes in Tokyo closed down and halted a three-day rally following a rebound in Treasury yields in overnight trading.

The Nikkei 225 stock average decreased 1%, the Topix index dropped 1.5%, and the yen rebounded 0.4% to 147.57 against the U.S. dollar amid ongoing uncertainty related to the Bank of Japan's monetary policy.

Investors in Japan were also on the backfoot after the National Reform and Development Commission in China failed to announce any new meaningful and specific measures to revive consumption at a widely publicized press conference held Tuesday.

The Hang Seng Index plunged as much as 8% in early trading following yet another policy disappointment in five months, after policymakers touted the possibilities of strong fiscal measures.

Closer to home, on the economic front. Japan's nominal wages rose in August, but real wages fell for the first time in three months as wage growth lagged the acceleration in price increases.

Household spending is a key indicator for private consumption, as it accounts for more than half of Japan's economy.

The average total wage income, including overtime, or nominal wage, increased 3% to 295,000 yen, or about $2,000, according to the Ministry of Health, Labor, and Welfare.

Nominal wages increased for the 32nd consecutive month, and average for full-time workers increased 2.7% to 377,861 yen and for part-time workers rose 3.9% to 110,033 yen.

Average monthly income of salaried households of two or more people increased 2% in real terms to 574,334 yen, and spending decreased 1.9% to 297,487 yen.

Japan's households are struggling with high costs of living amid rising costs of fuel and food and stagnant wages for more than two decades.

But in March of this year, large employers agreed to increase wages that exceeded inflation for the time in several years, but those wage gains were not matched by small- and medium-sized companies mostly operating in the domestic economy.

In other economic news, Japan's current account balance was in surplus for the 19th consecutive month in August, the Ministry of Finance reported Tuesday.

The current account surplus rose to a record high of 3.803 trillion yen from 2.293 trillion yen, after the deficit in the international goods account shrank to 378 billion from 755 billion yen and the international service account narrowed to 105 billion from 302 billion yen.

Japan Stock Movers

The Nikkei 225 Stock Average declined 1% to 38,937.54, and the broader Topix index decreased 1.5% to 2,699.15.

Investors looked forward to the start of the earnings season later in the week, and retailers were in focus.

Seven & I edged up 0.3% to ¥2,230.0, AEON Co Ltd. decreased 1.1% to ¥3,894.0, and Fast Retailing fell 0.5% to ¥50,140.0.

Tokyo Electron fell 0.7% to ¥25,460.0, Advantest rose 2.5% to ¥7,370.0, and Lasertec Corporation fell 2.2% to ¥23,625.0.

Nippon Yusen declined 1.3% to ¥4,898.0, Kawasaki Kisen Kaisha dropped 1.5% to ¥2,021.0, and Mitsui O.S.K. Lines fell 1.9% to ¥2,021.0.

China Stocks Plunge In Hong Kong Amid Dashed Hopes of Additional Stimulus

Li Chen
08 Oct, 2024
Hong Kong

Stock market indexes in mainland China soared after investors returned from a week of holidays, but market enthusiasm quickly faded.

Trading in Shanghai and Shenzhen was in focus as investors scrambled to catch up with market gains during the Golden Week of holidays, as retail investors returned.

However, the record one-day surge of 10.8% quickly dissipated to an increase of 6% after the top planning body failed to announce any new significant fiscal measures.

The National Reform and Development Commission announced at a press conference implementation plans following the recently announced monetary policy measures to revive investor confidence and support the residential property market.

However, the commission failed to announce any new and concrete steps to restore consumer confidence, tackle elevated unemployment, and revive manufacturing activities.

Market attention now shifted to the finance ministry, as investors hope for additional stimulus measures that could revive retail sales and create more jobs for recent graduates.

Retail investors in China have lost hope of a market rebound after benchmark indexes plunged as much as 40% over the last four years but are prone to be drawn to periodic short-lived market rallies that are driven by policy announcements.

Policymakers, at least on three occasions over the last two years, have drummed up investor interest by dangling piecemeal measures, and these measures have failed to alter the downward trajectory in consumption, employment, and economic growth.

The latest market euphoria may have hit the reality wall for the third time this year as investors reassessed policymakers limitations in arresting the current deepening economic growth downturn.

"Investors have lost touch with the sense of reality with the hopes of a stimulus for an economy that is still growing at a 5% annual rate, surpassing the U.S. and the Euro Area by a wide margin," said Manish Shah, Chief Investment Officer of the Miami Beach, Florida-based Tollbooth Strategy.

China Stock Movers

The Hang Send index plunged 7.6% to 21,334.37, and the mainland-focused CSI 300 index gained 4% to 4,181.12.

Alibaba Group declined 5% to HK $108.20, JD.com decreased 8.5% to HK $169.30, Tencent Holdings dropped 7.7% to HK $444.60, and Baidu plunged 8.6% to HK $101.50.

Property stocks were among the leading decliners in Hong Kong trading.

Longfor Group Holdings plunged 18.9% to HK $13.56, China Vanke decreased 28% to HK $7.87, and China Resources Land dropped 10.6% to HK $26.75.

Bank of China decreased 3.9% to HK $3.75, China Construction Bank dropped 3.5% to HK $5.96, and Industrial and Commercial Bank of China eased 2.9% to HK $4.69.

India Movers: Hero MotoCorp, Kalyan Jewellers, Morepen Laboratories, Servotech Power, Tata Motors

Arun Goswami
08 Oct, 2024
Mumbai

Early counting in Haryana polls suggests the BJP is likely to lead in the assembly polls, while the alliance between Congress and the National Congress is expected to lead in Jammu & Kashmir.

Investors are also awaiting the RBI's rate decision on Wednesday.

The Sensex index increased by 0.4% to 81,333.72, and the Nifty index fell by 0.4% to 24,881.85.

On the Mumbai stock exchange, 102 stocks traded at their 52-week highs, and 94 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.82%, and the Indian rupee eased to 83.93 against the U.S. dollar.

Hero MotoCorp and Honda Motorcycle and Scooter reported a decline in two-wheeler unit sales in September.

Honda sales decreased 4.5% to 333,927 units, and Hero MotoCorp sales dropped 23% to 271,900 units.

Servotech Power Systems increased 2.2% to ₹175.48 after the company won an additional order for nine electric vehicle charging stations in Maharashtra, increasing its total to 29.

Nashik Municipal Corporation placed the latest order to expand its network of EV charging stations in the city.

Two weeks ago, the company launched an issue to sell as many as 58.5 lakh warrants, each priced at ₹167.40.

Kalyan Jewellers decreased 1.9% to ₹688.75, and the company reported a 39% increase in sales in the fiscal second quarter ending in September.

The retailer said same-store sales increased 23% from a year ago after the government lowered duty on imported gold.

Tata Motors declined 2.5% to ₹904.20, and the company's luxury unit Jaguar Land Rover reported a 3% decline in retail sales in the September quarter.

The vehicle maker said production is expected to rebound in the second half as the company remains focused on resolving aluminum supply issues.

Morepen Laboratories gained 2% to ₹80.04, and the company plans to separate its medical device business, potentially unlocking shareholder value.

The company is looking to expand production of its glucometer device, and the management is targeting annual sales growth between 25% and 28% in its medical device business.

S&P 500 and Nasdaq Down 1%, Crude Oil Jumps 3% Amid Iran-Israel Tensions

Alexander Garcia
07 Oct, 2024
Miami

Stocks drifted lower in Monday's trading as investors weighed the impact of rapidly intensifying Hurricane Milton and the growing belief that Israel is preparing to escalate its offensive in the Middle East.

The S&P 500 index decreased 0.6%, the Nasdaq Composite fell 0.8%, and the yield on 10-year U.S. Treasury notes jumped above 4% for the first time in five weeks.

Hurricane Milton was just upgraded to a Category 5 storm, the strongest in the season so far, by the National Hurricane Center.

The storm is likely to weaken substantially once it makes landfall on the Gulf Coast of Florida, but it is expected to grow in size, covering a wider swath of area from Naples at the south to Cedar Key at the north.

Milton could cause a storm surge as high as 12 feet in Tampa Bay as Florida prepares for its second hurricane in as many weeks after Hurricane Helena caused widespread damage in four states and more than 220 people lost their lives.

Middle East tensions also weighed on the market as investors worried about the possible Israeli military strike targeting Iranian oil infrastructure.

Texas intermediate crude oil prices rebounded above $75 a barrel, a six-week high following a 9% jump in the previous week, as tensions in the Middle East escalated.

On the economic front, investors are looking forward to the release of U.S. consumer and producer price inflation reports for September.

Investors are anticipating CPI to ease to 2.3% and PPI to inch up to 0.1%.

Investors will also review the FOMC and ECB monetary policy meeting minutes and hope to get deeper insights into the latest rate decisions.

Investors are also awaiting the release of retail sales in the Euro Area, international trade balances in France and Germany, and industrial output data for Germany.

In Asia, Japan is scheduled to release its current account balance, and the Reserve Bank of India is likely to leave its policy rate unchanged.

Markets in mainland China are scheduled to reopen on Tuesday after a week of national holidays amid high expectations of fiscal stimulus measures.

Investors are also looking forward to the start of earnings season and leading financial companies including BlackRock, JP Morgan Chase, BNY Mellon, and Wells Fargo.

Delta Airlines, PepsiCo, and Fastenal are other leading companies on the tap.

U.S. Indexes and Treasury Yields

The S&P 500 index decreased 0.6% to 5,716.99, the Nasdaq Composite fell 0.4% to 18,039.48, and the Russell 2000 index fell 0.9% to 2,191.25.

The yield on 2-year Treasury notes edged higher to 4.01%, 10-year Treasury notes inched up to 4.02%, and 30-year Treasury bonds inched higher to 4.30%.

WTI crude oil increased $2.52 to $76.92 a barrel, and natural gas prices edged down 11 cents to $2.72 a thermal unit.

Gold fell by $7.25 to $2,645.31 an ounce, and silver decreased by $0.45 to $31.73.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 102.46.

U.S. Stock Movers

Arcadium Lithium PLC soared 30% in New York trading to $4.02 after the mining giant Rio Tinto expressed interest in acquiring the company.

Property and casualty insurance stocks were in focus after Hurricane Milton strengthened into a Category 4 storm.

Hurricane Milton is forecast to approach Florida by Wednesday but is likely to weaken to a Category 1 storm after the landfall, according to the National Hurricane Center.

AIG declined 1.4% to $74.94, Allstate Corp. declined 3.4% to $184.02, Chubb Ltd. dropped 3.3% to $281.22, and Travelers Companies fell 3.2% to $228.86.

Universal Insurance Holdings plunged 15% to $17.85 on the worries that the insurance with heightened exposure to Gulf Coast could face heightened hurricane risks and higher claims.

European Markets Weighed by Higher Bond Yields and Persistent Middle East Tensions

Stock market indexes in Europe declined for the second session in a row, pressured by higher bond yields following the release of a robust U.S. jobs report last week.

Benchmark indexes in Paris, London, and Frankfurt struggled to advance, and investors reviewed the latest update of German factory orders and the Euro Area retail sales.

German Factory Orders Dragged Down by Volatile Large-scale Orders

Germany's factory orders declined at a faster-than-expected monthly pace of 5.8% in August from the upwardly revised increase of 3.9% in July, the Federal Statistical Office, Destatis, reported Monday.

The orders declined at the steepest face since January because of the weakness in large-scale orders for trains, planes, and ships.

Incoming orders declined 3.4% from July, excluding large-scale orders.

On an annual basis, calendar-adjusted orders fell 3.9% from the corresponding month last year.

In the capital goods and intermediate goods sectors, monthly incoming orders in August fell by 8.6% and 2.2%, respectively, while incoming orders for consumer goods fell by 0.9%.

Domestic orders fell 10.9%, foreign orders declined 2.2%, while orders from the eurozone decreased by 10.5%.

Euro Area Retail Sales Edged Up In August

Eurozone retail sales struggled to advance in August amid high costs of living as consumers restricted purchases to basic items.

Retail sales advanced 0.2% from the previous month, when sales growth was flat.

From a year ago, retail sales rose 0.8%, as a 2.5% increase in automotive fuel overwhelmed the decline of 0.2% in food, beverage, and tobacco sales.

Europe Indexes and Yields

The DAX index decreased by 0.1% to 19,104.510; the CAC-40 index rose by 0.5% to 7,576.02; and the FTSE 100 index increased by 0.3% to 8,303.62.

The yield on 10-year German bonds edged higher to 2.25%, French bonds inched higher to 3.02%, the UK gilts edged up to 4.20%, and Italian bonds increased to 3.56%.

The euro edged lower to $1.09; the British pound inched lower to $1.30; and the U.S. dollar weakened to 85.73 Swiss cents.

Brent crude increased $2.50 to $80.56 a barrel, and the Dutch TTF natural gas fell by €0.22 to €40.97 per MWh.

Europe Stock Movers

Richemont SA increased 0.8% to CHF 131.95 after the Swiss luxury goods maker agreed to sell its online business Yoox Net-a-Porter to the German online retailer Mytheresa.

Richemont agreed to sell loss-making YNAP with a cash position of €555 million and provide additional revolving credit lines of €100 million in exchange for a 33% equity stake in the German online retailer.

The transaction is expected to close in the first half of 2025, and Richemont plans to take a 1.3 billion asset write down related to the transaction, including the cash to be left in the YNAP account.

Telecom Italia S.p.A. declined 0.2% to €0.26 after the company's board authorized chief executive officer Pietro Labriola to negotiate the purchase of TI Sparkle S.p.A.

3i Infrastructure PLC increased 0.6% to 343.50 pence, and the company received a binding offer for a 33% stake in Valorem, an independent European renewable energy company.

Heidelberg Materials AG increased 1.8% to €99.14 following a report that the German cement company has entered into negotiations to sell its cement operations in India for as much as $1.2 billion.

Japan Indexes Extend Winning Streak to Third Day, Yen Dropped to Five-Week Low

Stock market indexes in Tokyo extended their winning streak for the third session in a row after the yen weakened sharply.

The Nikkei 225 stock average and the Topix index advanced more than 2% in Monday's trading after the yen dropped to a five-week low.

The yen traded at 148.45 against the U.S. dollar after the U.S. economy added jobs at the fastest pace in six months in September, easing pressure on the Bank of Japan to raise rates in the immediate future.

Investors are also anticipating that the Bank of Japan policymakers will hold rates steady on October 31, after the newly appointed prime minister Shigeru Ishiba made a U-turn and supported a gradual increase in interest rates.

Earlier, Ishibara had supported hawkish monetary policy and aggressive rate hikes before assuming the leadership position.

Investors reviewed the retail sales and industrial production data released last week and reassessed the rate path outlook amid the rising prospects that the U.S. Federal Reserve is likely to achieve the so-called soft landing, where policymakers manage to cool inflation while keeping the economic growth intact.

Last week the government said Japan's annual retail sales growth slightly accelerated to 2.8% in August from 2.7% in July.

Retail sales increased for the 29th month in a row, supported by the increase in wages, which continue to support higher consumption of basic items.

Japan’s industrial production declined in August, and manufacturing extended contraction in September, but the sentiment among large manufacturers was steady in the third quarter.

Japan Stock Movers

The Nikkei 225 Stock Average increased 2.3% to 39,530.29, and the broader Topix index advanced 2.1% to 2,751.12.

Retail stocks were in focus ahead of the start of the earnings season this week.

Aeon Corp. declined 0.5% to¥3,960.0, Fast Retailing gained 3.3% to¥50,850.0, Isetan Mitsukoshi Holdings added 7.8% to¥2,489.50, and Seven & I jumped 2% to¥2,238.50.

Mitsubishi UFJ Financial added 3.9% to ¥1,537.50, Sumitomo Mitsui Financial increased 4% to ¥3,215.0, and Mizuho Financial Group gained 4.6% to ¥3,108.0.

Vehicle makers advanced despite the growing anxieties about Chinese electric vehicle makers making inroads in global markets.

Toyota Motor Corp. advanced 2.6% to ¥2,654.50, Honda Motor Corp. jumped 2.7% to ¥1,606.0, and Nissan Motor gained 1.7% to ¥421.30.

U.S. Movers: AIG, Allstate, Arcadium Lithium, Chubb, Generac, Universal Insurance

Scott Peters
07 Oct, 2024
New York City

Arcadium Lithium PLC soared 30% in New York trading to $4.02 after the mining giant Rio Tinto expressed interest in acquiring the company.

Catastrophe insurance stocks were in focus after Hurricane Milton strengthened into a Category 4 storm.

Hurricane Milton is forecast to approach Florida by Wednesday but is likely to weaken to a Category 1 storm after the landfall, according to the National Hurricane Center.

AIG declined 1.4% to $74.94, Allstate Corp. declined 3.4% to $184.02, Chubb Ltd. dropped 3.3% to $281.22, and Travelers Companies fell 3.2% to $228.86.

Universal Insurance Holdings plunged 15% to $17.85 on the worries that the insurance with heightened exposure to Gulf Coast could face heightened hurricane risks and higher claims.

Generac Holdings soared 7.7% to $172.52, and the back power generator company is likely to increase its sales because of the impending Hurricane Milton.

Wall Street Stocks Fall Following Higher Bond Yields and Ongoing Crude Oil Price Rally

Barry Adams
07 Oct, 2024
New York City

Stocks on Wall Street faced selling pressure after crude prices and bond yields advanced.

The S&P 500 index decreased 0.2% and the Nasdaq Composite fell 0.4% after the yield on 10-year U.S. Treasury notes jumped above 4% for the first time in five weeks.