Oil Tops $100 as Pre-Markets Fall Ahead of Inflation Data

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Summary · why it matters

Pre-market futures traded lower Wednesday as oil prices surged past $100 per barrel for the first time since late July, with spot prices up 2.8% this morning to $95 on WTI and $100 on Brent amid the Strait of Hormuz conflict. Dow futures fell 279 points, S&P 500 futures dropped 25 points, and Nasdaq futures lost 172 points, while bond yields rose with the 10-year at 4.81% and the 2-year at 4.41%. Investors are bracing for key inflation reports due Thursday and Friday, with the Producer Price Index for August forecast at 5.3%, up from July's 4.7%, and the Consumer Price Index expected to hold at 3.4%. In earnings news, Jersey Mike's Subs reported its inaugural quarterly revenue of $208 million, J. Jill posted a 110% earnings surprise with $1.24 per share versus $0.59 expected, and Signet Jewelers shares jumped 17% after beating estimates with $2.19 per share.

Impact on assets 7

Consumer Discretionary▲ · 2 stocks
J.Jill Inc
JILL
▲ PositiveCapitalrelevance

J. Jill posted a 110% earnings surprise with $1.24 per share versus $0.59 expected.

Signet Jewelers Ltd
SIG
▲ PositiveCapitalrelevance

Signet Jewelers shares jumped 17% after beating estimates with $2.19 per share.

Others▲ · 3 stocks
Others▲ · 2 stocks
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