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Wall Street Breakfast

Wall Street Breakfast October 6: U.S. Oil Producers Are Seen Staying Cautious Despite Opec+ Supply Cut

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8950 Ratings

🗓️ 6 October 2022

⏱️ 7 minutes

🧾️ Download transcript

Summary

U.S. oil producers are seen staying cautious despite OPEC+ supply cut. Target rolls out Deal Days before Amazon's holiday discounts. Biden to promote IBM's $20B investment in Hudson Valley over next decade.Catch today’s WSB article https://seekingalpha.com/wsb. Invest Successfully With Alpha Picks https://seekingalpha.com/alpha-picks/subscribe.

Transcript

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0:00.0

Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.

0:06.8

Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.

0:11.1

Good morning. Today is Thursday, October 6th, and I'm your host Julie Morgan.

0:15.7

Our top stories.

0:17.1

Oil, Chui, Target, Amazon, Twitter, General Electric, and IBM.

0:24.3

A choppy day of trading finished with stocks posting modest losses on Wednesday,

0:28.7

while the major U.S. equity averages flirted with positive territory late in the day, the lower finish ultimately halted the sharp rebound that marked the first two days of the week.

0:38.4

The Dow ended down 0.14 percent. The S&P 500 closed down 0.2 percent and the NASDAQ finished down 0.25 percent.

0:48.6

Eight of the 11 S&P sectors ended the day with losses.

0:51.8

Utilities led the retreat falling by more

0:54.3

than 2%. Real estate and materials also showed notable weakness. On the upside,

0:59.8

energy rose again climbing by 2.1%. Health care and Infotech also posted gains,

1:06.4

although those advances were only mild. Looking at the bond market, the 10-year

1:10.9

Treasury yield rose 14 bases points to 3.76 percent and the 2-year

1:16.2

yield climbed 5 basis points to 4.15 percent. Oil was also in focus as OPEC

1:22.4

plus decided to reduce production by 2 million barrels a day.

1:26.4

In response, oil ticked higher again. We'll get a look at where crude oil stands now in just a few minutes. In the earnings spotlight today,

1:36.0

Con Agra, Constellation Brands, McCormick, and Levi Strauss. In our day Watch is a standout gainer.

1:44.6

Chui gained ground in the wake of research suggesting that the online Pet Supply retailer

1:49.8

will likely beat Q3 cells expectations.

1:52.8

Yipit data said Chui was trending above consensus on its top line.

1:57.4

Analysts currently expect a Q3 figure of $2.46 billion.

...

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