Stock Market Update
02-Oct-26 10:30 ET
Stocks continue to move higher as oil retreats
Dow +268.48
at 51194.95,
Nasdaq +446.39
at 27339.02,
S&P +79.22
at 7745.77
[BRIEFING.COM] The S&P 500 (+1.1%), Nasdaq Composite (+1.7%), and DJIA (+0.6%) continue to chart session highs this morning as oil retreats further.
WTI crude is currently down $4.17 (-4.5%) to $88.71 per barrel after G7 leaders announced a coordinated release of 100 million barrels of oil through the International Energy Agency, beginning immediately and extending over four months. The move is aimed at stabilizing global energy supplies and easing the recent surge in oil prices, providing some relief from one of the key inflationary and market headwinds in recent weeks.
On the data front, factory orders increased 0.1% month-over-month in August (Briefing.com consensus: 0.0%) following a downwardly revised 0.8% increase (from 0.9%) in July. Excluding transportation, factory orders increased 0.3% on the heels of a 0.7% increase in July. Shipments of manufactured goods were flat after being up 0.8% in July.
The key takeaway from the report is that business spending was up solidly in August, notwithstanding an overall sluggish increase in factory orders.
