Stocks Rise as Oil Pulls Back From Recent Highs
U.S. indexes advanced in early trading as oil eased, while Delta reported its first quarterly earnings miss in two years.
Key takeaways
- The Nasdaq was up 210 points in early trading Friday.
- WTI crude traded around $91 a barrel, while Brent was at $103.
- Delta’s third-quarter earnings missed the Zacks consensus by 8 cents per share.
Major U.S. indexes advanced in early trading Friday, with the Nasdaq up 210 points and the S&P 500 up 25. The Dow gained 59 points after closing higher Thursday.
Bond yields were slightly above earlier lows but below the 24-year highs reached midweek. The 10-year yield was at 5.26%, the 2-year at 4.79% and the 30-year at 5.265%.
Oil prices were down modestly despite rising Middle East hostilities. WTI traded around $91 a barrel and Brent at $103, both off recent highs that the article described as near four-year highs.
Delta Air Lines ended its seven-quarter run of earnings beats. The airline reported third-quarter earnings of $1.72 per share, 8 cents below the Zacks consensus, and revenue of $17.59 billion, short of estimates by 0.89%. Delta cited fuel costs that were 62% higher year over year and $500 million above its July guidance.
The preliminary University of Michigan consumer survey for October was due at 10 a.m. ET. It was expected to rise slightly to 48 from 47.8 the previous month, still below the 50 level the article associates with negative consumer sentiment.
Next week brings September CPI and PPI data, followed by third-quarter results from major banks starting Tuesday. The article’s estimates point to year-over-year earnings growth of 17% at JPMorgan, 18.75% at Citigroup and 7% at Wells Fargo.
This article was produced with the help of AI technology. Source: Yahoo Finance
