This article previews Thursday’s market-moving news, highlighting upcoming earnings from Starbucks, Macy’s, and Oracle, alongside appearances by key executives. Investors will be watching crucial economic data, including jobless claims and the Producer Price Index, as Treasury yields continue to climb. The energy sector is surging with several companies hitting all-time highs, while some Dow components like McDonald’s and Nike are experiencing significant lows.
Welcome to Stocks @ Night, your daily rundown designed to give you a first look at tomorrow's market drivers and a recap of today's key movements. Sign up for our free newsletter to get this delivered straight to your inbox every evening. Tonight, as the Dow Industrials shed over 400 points, our CNBC TV producers were closely monitoring several critical developments. Here's what's on their radar for the upcoming trading session:
Corporate Leaders in Focus
Starbucks CEO Brian Niccol Live on 'Squawk Box': Tune in Thursday morning at 8 a.m. ET as Brian Niccol, CEO of Starbucks, joins the 'Squawk Box' team. Since taking the helm, Starbucks shares have seen a significant gain of 30%, though they are currently down 9.5% from their August 13 high. 
Freeport-McMoRan CEO Kathleen Quirk on 'Closing Bell: Overtime': Later in the day, at 4 p.m., Kathleen Quirk, CEO of the mining giant Freeport-McMoRan, will be featured on "Closing Bell: Overtime." The company's stock has recently dipped 5% from its peak in late August.
Crucial Economic Data on the Horizon
Big Data Reveals Inflation and Job Market Insights: Get ready for major market reactions as weekly jobless claims and the producer price index (PPI), a vital measure of inflation, are released at 8:30 a.m. The Dow Jones consensus estimate anticipates initial jobless claims to come in at 205,000. For PPI, the month-over-month consensus projects a 0.4% increase, while the year-over-year estimate stands at 5.3%. The "Squawk Box" team – Becky Quick, Joe Kernen, and Andrew Ross Sorkin – will provide immediate analysis and market commentary.
Treasury Yields on the Rise
Yields Hit Multi-Year Highs: The U.S. Treasury market is signaling tighter conditions, with the 2-year yield climbing to 4.434%, its highest point since July 2024. The 10-year Treasury yield also surged to 4.857%, a level not seen since November 2023. Meanwhile, the 3-month Treasury bill is currently yielding 3.9%.
For bond investors, various ETFs offer competitive dividend yields: The Fidelity Corporate Bond ETF (FCOR) stands at 4.74%, the State Street SPDR Bloomberg High Yield Bond ETF (JNK) at 6.76%, the iShares iBoxx High Yield Corporate Bond ETF (HYG) at 6%, and the iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) impressively yields 7.05%. 
Key Earnings Reports & Stock Movers
Macy's and Oracle in the Spotlight:
- Macy's: The retail giant reports its earnings in the morning. Its stock has struggled recently, falling 3% over the past three months and 19% from its August 4 high.
- Oracle: The tech behemoth is set to release its earnings in the afternoon. Oracle's shares have declined 21% in the last three months and are down significantly from their high recorded in a prior September.
HP Hits 52-Week High: In positive tech news, HP, the computing giant, just reached a 52-week high, with its shares gaining almost 8% so far this September.
Big Dow Components Under Pressure: Several major Dow components are hitting notable lows:
- McDonald's: The fast-food giant is down 25% from its March 2 high and trading at lows last seen in July of a previous year.
- Nike: The athletic apparel powerhouse is at its lowest level since June 2014, with shares having dropped 51% from their October 2 high.
Energy Stocks Soaring: The energy sector is a bright spot, driven by surging crude prices. Brent crude topped $100 a barrel on Wednesday, with both Brent and West Texas Intermediate (WTI) crude prices now up more than 20% in a month.
- ConocoPhillips: This energy major has hit a four-year high, boasting a 3% gain in September and an impressive 45% year-to-date.
- Marathon Petroleum: The stock is riding high, up 146% from its 52-week low at the start of a recent year, reaching an all-time high.
- Chevron: The oil giant achieved an all-time high on Wednesday, a milestone since its Texaco merger, and is up 3.7% in September.
- Phillips 66: Marking an all-time high since its 2013 IPO, Phillips 66 shares have nearly doubled in the past year.
- Valero: This refiner also hit an all-time high, with shares climbing almost 5% in two days and 8.4% so far this September.
Join us on "Morning Call," starting at 5 a.m. Thursday, for more in-depth coverage of oil's significant rally.
