The Money Edit

Opening bell

Opening bell

Brent crude $105.16 5%
S&P futures 0.6%
10Y Treasury 5.35%
Nikkei 225 1.0% to 69,373
DAX 1.1% to 24,819

Riyadh explosions send oil up, stocks down

Overnight

Wall Street closed lower on Wednesday and stepped back from record highs, with the S&P 500 down 0.22% to 7,801.77, the Dow down 0.66% to 51,179.87 and the Nasdaq Composite down 0.22% to 27,538.69. Overnight, several explosions were reported in Riyadh, including one at the airport that halted flights, and Brent crude jumped about 5% to $105.16 a barrel, with the US benchmark up 5.1% to $92.75. Asia followed Wall Street down, Tokyo's Nikkei 225 closing 1.0% lower at 69,373.40, while Europe opened weaker with Germany's DAX off 1.1% and Britain's FTSE 100 off 0.5%, and US futures pointed to a soft open.

What to watch

Weekly jobless claims arrive at 8:30am Eastern, the count of people filing for unemployment benefits for the first time, and it carries extra weight because minutes from the Federal Reserve's September meeting showed officials leaning toward another rate rise by year end. At 1:00pm Eastern the Treasury sells $22 billion of 30-year bonds, a live test of whether investors will lend to the government for three decades at a time when the 10-year yield is near its highest in 24 years. PepsiCo reported before the bell and trimmed its full-year profit growth outlook, an early read on how big consumer brands are handling higher costs.

Sources