Yiwen Lu10/17/24

US stocks little changed, bonds dip on economic data

The S&P 500 finished Thursday flat, while the tech-heavy Nasdaq 100 was up only 0.1%, following an AI-stock boost in the morning. The Russell 2000 fell 0.3%.

After a better-than-expected September, retail sales report, traders cut their bets on further easing from the Federal Reserve during the upcoming November meeting, as recent data has shown that the economy is far from entering a recession. The bond market took a hit as a result. The 10-year yield jumped 8 basis points to 4.09%. On the longer-term end, the 30-year yield rose nearly 10 basis points to 4.39%, its biggest one-day jump since August. (Bonds and yields move in opposite directions.)

The stock market’s rise earlier in the day, bolstered by a slew of earnings beats, faded in the last hours of trading. Most sectors retreated. The utilities sector fell 0.9%.

The technology sector was up 0.3%, thanks to a rebound in chip stocks after two days of woes. Broadcomand Micron advanced more than 2%, after TSMC reported a blockbuster quarter in the morning.

Energy was the best-performing sector on Thursday, up 0.5%. The sector rallied along with oil futures, which settled modestly higher on Thursday — the first session in five days that the commodity ended on a positive note. The November WTI Crude was up 0.4%, while the December Brent crude gained 0.3%.

More Markets

See all Markets

Tasha Matsumoto

Stocks close lower, trimming steeper losses as oil retreats

Oil prices fell after Israeli Prime Minister Benjamin Netanyahu said his country was helping with US efforts to open the Strait of Hormuz.

Grizzly bear growling USA.

markets

Stocks get a jolt as Netanyahu says Israel is helping US efforts to open Strait of Hormuz

Israeli Prime Minister Benjamin Netanyahu said his country was helping with US efforts to open the Strait of Hormuz, putting a jolt into stocks.

The S&P 500, which had been solidly negative for most of the day, turned slightly green after the remarks. The rebound lost a bit of steam shortly thereafter, but stocks still remained higher than they were before Netanyahu’s comments.

“Israel is helping, in its own way, in intel and other means, the American efforts to open the Strait of [Hormuz],” Netanyahu said, according to a video of the press conference.

Here are another few interesting headlines coming across from the presser, per Reuters:

*NETANYAHU: IRAN HAS NO CAPACITY TO ENRICH URANIUM OR MAKE BALLISTIC MISSILES AFTER 20 DAYS OF WAR
*NETANYAHU: CAN'T DO A REVOLUTION FROM THE AIR, THERE NEEDS TO BE A GROUND COMPONENT AS WELL
*NETANYAHU: ISRAEL ACTED ALONE AGAINST SOUTH PARS
*NETANYAHU: TRUMP ASKED US TO HOLD OFF ON FUTURE SUCH ATTACKS

And here’s how the market reacted instantly after his comments:

Stocks Slump as Energy Surge Fuels Inflation Fears: Markets Wrap

Stocks Slump as Energy Surge Fuels Inflation Fears: Markets Wrap

“Israel is helping, in its own way, in intel and other means, the American efforts to open the Strait of [Hormuz],” Netanyahu said, according to a video of the press conference.

Here are another few interesting headlines coming across from the presser, per Reuters:

*NETANYAHU: IRAN HAS NO CAPACITY TO ENRICH URANIUM OR MAKE BALLISTIC MISSILES AFTER 20 DAYS OF WAR
*NETANYAHU: CAN'T DO A REVOLUTION FROM THE AIR, THERE NEEDS TO BE A GROUND COMPONENT AS WELL
*NETANYAHU: ISRAEL ACTED ALONE AGAINST SOUTH PARS
*NETANYAHU: TRUMP ASKED US TO HOLD OFF ON FUTURE SUCH ATTACKS

And here’s how the market reacted instantly after his comments:

markets

Matt Phillips3h

Gold tumbles as market sees Fed shifting toward inflation fighting

Gold and gold miners tumbled Thursday, as the rolling Iran war energy crisis revived worries about inflation and pushed the market to take additional rate cuts this year off the table.

Gold (SPDR Gold Shares ETF) futures dropped roughly 6% shortly after 12 pm ET, hammering share prices for miners Newmont and Freeport-McMoRan. Silver (iShares Silver Trust) futures were down nearly 9%

The decline in precious metals came alongside another sharp rise in energy prices. US benchmark crude oil (United States Oil Fund LP) and natural gas prices both jumped more than 3%, after major Iranian attacks on Qatari energy infrastructure. US retail gasoline prices tracked by AAA hit $3.884, up 33% from the end of last month, when a joint US-Israeli attack on Iran ignited hostilities.

Normally, gold prices are seen as a hedge on inflation, which might suggest that they should rise alongside expectations for persistent price increases.

But the speed of the Iran war energy shock — which will add to inflationary pressures already visible in recent economic reports such as this week’s Producer Price Index and could become a political problem for the Trump administration — has nudged traders to change their their views on whether the Federal Reserve would be able to deliver rate cuts widely expected just a few weeks ago.

Yields on shorter-maturity US Treasury notes shot higher Thursday — reflecting expectations for tighter monetary policy. And prices in the market for Fed Funds futures suggest traders no longer see the US central bank cutting interest rates this year at all. (Early this month, market pricing implied expectations for two more cuts this year.)

On Thursday yields fell on longer-term US government securities, such as the US 30-year bond. That suggests the market thinks a Fed shift toward inflation-fighting and away from rate-cutting would likely result in some decline in growth and, or inflation, helping to explain the drop in precious metals prices, as there would be less of a need for inflation hedges in such a scenario.

Bond Traders No Longer Price In Any Chance of Fed Cut in 2026

Bond Traders No Longer Price In Any Chance of Fed Cut in 2026

The decline in precious metals came alongside another sharp rise in energy prices. US benchmark crude oil (United States Oil Fund LP) and natural gas prices both jumped more than 3%, after major Iranian attacks on Qatari energy infrastructure. US retail gasoline prices tracked by AAA hit $3.884, up 33% from the end of last month, when a joint US-Israeli attack on Iran ignited hostilities.

Normally, gold prices are seen as a hedge on inflation, which might suggest that they should rise alongside expectations for persistent price increases.

But the speed of the Iran war energy shock — which will add to inflationary pressures already visible in recent economic reports such as this week’s Producer Price Index and could become a political problem for the Trump administration — has nudged traders to change their their views on whether the Federal Reserve would be able to deliver rate cuts widely expected just a few weeks ago.

Yields on shorter-maturity US Treasury notes shot higher Thursday — reflecting expectations for tighter monetary policy. And prices in the market for Fed Funds futures suggest traders no longer see the US central bank cutting interest rates this year at all. (Early this month, market pricing implied expectations for two more cuts this year.)

On Thursday yields fell on longer-term US government securities, such as the US 30-year bond. That suggests the market thinks a Fed shift toward inflation-fighting and away from rate-cutting would likely result in some decline in growth and, or inflation, helping to explain the drop in precious metals prices, as there would be less of a need for inflation hedges in such a scenario.

markets

J. Edward Moreno4h

Novo says FDA has approved high-dose Wegovy shot

The Food and Drug Administration approved Novo Nordisk’s high-dose Wegovy shot, the company announced on Thursday.

Wegovy HD, a once-weekly 7.2-milligram injection, helped patients lose 20.7% of their body weight after 72 weeks, putting it in line with Eli Lilly’s competitor drug, Zepbound. By comparison, Wegovy typically has a maximum dose of 2.4 milligrams, which resulted in 15% weight reduction over 68 weeks in trials.

Wegovy HD was the first drug to be approved through the FDA’s new priority voucher system. This comes as Novo, despite being early to the GLP-1 boom, has been outpaced in sales by Lilly. The company released a pill version of Wegovy in January, which has shown strong early uptake, though new competitor products are set to debut this year and next.

The stock is down about 1.6% for the day, but was down nearly 3% before the announcement.

Tasha Matsumoto

Crudely speaking

What we talk about when we talk about crude oil

While both WTI and Brent are light and sweet crude, differences in geography and chemical composition influence the Brent-WTI spread.

ODESSA, TEXAS - APRIL 27: Pump jacks working on the Permian Basin near Odessa

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Derivatives, LLC, or Robinhood Money, LLC. Futures and event contracts are offered through Robinhood Derivatives, LLC.

©2026 Sherwood Media, LLC