Wall Street inched lower ahead of the opening bell today, and oil prices jumped after the U.S. and British militaries bombed Yemen in retaliation for Houthi attacks in the Red Sea that have disrupted international trade, the Associated Press reports. Futures for the S&P 500 lost 0.3%, and futures for the Dow Jones Industrial Average slid 0.5%.
Oil prices climbed over fears that the Israeli-Palestinian conflict would spill over into a wider conflict in the oil-rich Middle East. Early today, a barrel of benchmark U.S. crude was up $2.41 to $74.43 per barrel, a 3.4% jump. Brent crude, the international standard, gained $2.45 to $79.86 per barrel.
Corporate earnings kicked into high gear this morning, with a handful of high-profile companies reporting financial results for the final quarter of 2023.
Delta Air Lines shares tumbled 5.8% in premarket, even as the Atlanta-based carrier posted record sales, doubled its profit from a year ago, and said it was buying more planes.
Three of the nation’s biggest banks said today that their profits fell last quarter, as JPMorgan Chase, Bank of America, and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis.
Inflation data sent Treasury yields on a jagged run in the bond market. The yield on the 10-year Treasury was steady at 3.96% by early today. It’s down from more than 5% in October.
In currency dealings, the U.S. dollar was at 144.83 Japanese yen, down from 145.28.
