Russia's central bank just issued a warning about "new economic shocks" coming from sanctions. The...
Russia's central bank just issued a warning about "new economic shocks" coming from sanctions. The recent implementation of the oil price cap, too, will weigh on the warring nation, according to a recent report out of Moscow. Get the full details here.
US stocks tick higher in the final trading session of the week. All three of the...
US stocks tick higher in the final trading session of the week. All three of the major indexes are on pace for losing weeks despite Thursday's gains, and investors are eyeing fresh inflation data due out today, as well as next week's Fed meeting. Here's how markets are moving this morning.
On the docket: Atlas Technical Consultants, Li Auto Inc, and Northern Oil and Gas, all reporting.
U.S. oil futures settle lower, but speculation of SPR refills emerge
U.S. oil futures settled lower ...
U.S. oil futures settled lower on Thursday, down a fifth straight session, but an oil leak that led to a shutdown of the Keystone Pipeline and talk of a potential buyback of oil to refill U.S. reserves helped to limit price losses. The White House said in October that the Biden administration intends to repurchase oil for the Strategic Petroleum Reserve when prices are at or below $67 to $72. U.S. benchmark WTI crude for January delivery CLF23 fell 55 cents, or 0.8%, to settle at $71.46 a barrel on the New York Mercantile Exchange on Thursday. With U.S. prices now within that price band, that “‘Biden SPR put’ is definitely playing a part in the market finding some price support in the low $70 range,” said Tyler Richey, co-editor at Sevens Report Research.
S&P 500 snaps 5-day losing streak, Dow ends up over 180 points
The S&P 500 ended a five-session slide on Thursday as major U.S. equity indexes booked a solid round...
The S&P 500 ended a five-session slide on Thursday as major U.S. equity indexes booked a solid round of daily gains. The Dow Jones Industrial Average DJIA, rose about 182 points, or 0.5%, closing near 33,780, while the S&P 500 index SPX gained 0.8% and the Nasdaq Composite Index COMP outperformed with a 1.1% advance, according to FactSet data. Investors were migrating back into stocks after weekly labor market data pointed to potential weakness, with businesses not hiring as many workers. A roaring labor market has been one of several factors keeping Wall Street on edge as the Federal Reserve has been trying to cool high inflation by sharply raising interest rates. Rising wages have threatened to throw a wrench in that effort, while also rekindling fears that the U.S. central bank might need to get even more aggressive than earlier anticipated with its rate hiking plans. Higher rates have weighed heavily on stocks and bonds in 2022, but could also threaten to tip the U.S. economy into a deeper recession than expected in the coming months. The 10-year Treasury rate rose 8.5 basis points to 3.492% on Thursday.
Gas prices are now cheaper than this time last year. Could they fall below $3 a gallon in the months ahead?
Drivers paying for gas on Thursday paid slightly less on average than they did one year ago — a 1c...
Drivers paying for gas on Thursday paid slightly less on average than they did one year ago — a 1c difference — but there may be even cheaper gas in the weeks and months to come, experts say. Thursday’s national average for a gallon of gas was approximately $3.33, AAA said.Six months after drivers were snapping photos of high prices at the pump, gasoline-industry experts say the downward trend is due to a combination of falling crude-oil prices and a drop in driver demand after traditionally busy summer months.
“We expect gas prices likely are going to continue trending lower,” said AAA spokesman Devin Gladden. It’s possible the national average will fall below the $3-per-gallon mark, but when that happens and for how long is unclear, he added.
