MARKETS LIVE: Wall Street in the red as oil rises, rate hike fears return
US markets fell Thursday amid rising oil prices and bond yields, with the Dow down 0.3%, S&P 500 off 0.2%, and Nasdaq down 0.6%. New home sales rose to 684,000 in August, above expectations. MGM Resorts dropped 10% after a withdrawn takeover bid, and Oracle fell 6% due to data center concerns. The FTSE 100 closed 0.2% lower in London.
How this was made
The 30-second read
Why it matters
The primary actionable items are MGM's bid withdrawal and Oracle's data‑center delay, both causing notable price moves.
Market read
Oil and rate‑hike concerns dominate, but corporate news on MGM and Oracle drive specific stock moves.
What to watch
Potential policy shifts on oil supply and upcoming Treasury auction could reverse the sell‑off.
Background
The article provides a live market snapshot covering oil price surge, US housing data, bond yields, and several corporate moves.
Ticker impact
MGM Resorts fell ~10% after WSJ reported Barry Diller withdrew his takeover bid.
Potential further 5-8% decline if bid withdrawal confirmed.
Bid withdrawal removes merger premium expectations and triggers sell pressure.
Oracle shares dropped 6% after Bloomberg reported possible payment protection if its Stargate data center is delayed.
Possible additional 3-5% slide if delay confirmed.
Market reacts to potential project delay and financial exposure.
Market effects
Energy price rise pressures consumer‑discretionary and housing sectors; higher yields affect growth stocks.
US equities under pressure; UK FTSE shows mixed response with commodity stocks gaining.
Rising oil and bond yields create broad risk‑off sentiment across markets.
Counterpoint
If the bid withdrawal is temporary, MGM could rebound on a later offer; Oracle may benefit from renegotiated terms.
Key entities
- CompanyMGM Resorts International
Casino operator facing a withdrawn takeover bid.
- CompanyOracle Corporation
Technology firm with a delayed data‑center project.
