Wall Street Today | Waller Says Fed 'Finally' Getting Good Inflation Data

"In the last few months, we are finally getting very good inflation data that we wanted." Federal Reserve Governor Christopher Waller says at the annual E2 Summit in Park City, Utah. "If this continues, we're back to our target."

U.S. stocks were trading mixed Wednesday afternoon after the Federal Reserve’s September policy meeting minutes showed that officials were “highly uncertain."

Meanwhile, the latest wholesale inflation report showed the September producer-price index increased 0.5% for the month, bolstered by higher energy costs. That was down slightly from a 0.7% increase in August but above the Dow Jones consensus of a 0.3% gain. The core PPI, which strips out food, energy, and trade services components, rose 0.2% in September, in line with expectations.

Oil fell after signs the Israel-Hamas war’s effect on flows will remain limited. Traders will continue to monitor the war and the possibility of more sanctions on Iran, which would be bullish for oil.

West Texas Intermediate dropped below $84 after the New York Times reported that US intelligence said Iran was surprised by Hamas’s attack on Israel. It may save Iran from additional sanctions and help prevent the nation and its proxies across the Middle East from being drawn into the conflict.

According to one of the industry's founding members, the independent shale drillers that undermined OPEC’s decades-long grip on global oil markets will soon be a thing of the past as international giants swallow them up.

Consolidating small shale specialists over the next five years will eliminate a thorny problem for OPEC members. Independent drillers played a major role in diversifying global crude supplies over the past decade, weakening the ability of a handful of major producers to hold sway over energy markets.

“Shale companies cannot survive on their own long term,” Pioneer Natural Resources Co. Chief Executive Officer Scott Sheffield said just hours after announcing the $60 billion sale of his company to Exxon Mobil Corp. “They’re going to have to merge up, consolidate, and be part of diversified companies.”