STOCK MARKET NEWS: Futures add to declines, oil's losing week

STOCK MARKET NEWS: Futures add to declines, oil’s losing week

Oil falls to eight-month low on strong dollar and recession fears

Oil prices fell about 5% to an eight-month low on Friday as the US dollar hit its strongest level in more than two decades and on fears that rising interest rates will lead major economies to the recession

Brent futures were down $4.35, or 4.8%, at $86.11 a barrel by 10:09 a.m. EDT (1409 GMT), while US West Texas Intermediate (WTI) crude fell $4.58, or 5.5%, to $78.91.

That puts both benchmarks in technically oversold territory with WTI on track for its lowest close since Jan 10 and Brent on track for its lowest close since Jan 13.

During the week, WTI fell 7% and Brent 6%, the fourth consecutive week of declines for the benchmark indices, the first time this has happened since December.

US gasoline and diesel futures also fell more than 5%.

JetBlue ground operations employees seek union elections

Symbol Price Change %Change
BLUE $6.87 -0.23 -3.31

JetBlue Fleet Service workers want to unionize. The International Association of Machinist and Aerospace Workers (IAM) says there is enough interest among discount airline ground operations workers to hold a union representation election.

The largest airline union in North America announced that it will file an election petition with the National Mediation Board (NMB), the federal agency that conducts union representation elections in the airline and rail sectors.

JetBlue workers have cited substandard pay rates and benefits, poor and unsafe working conditions, discipline, and wrongful termination, among many other issues, as reasons for getting IAM representation and a seat at the table. AMI said.

The IAM is the largest airline union in North America, representing airline workers at all major US airlines.

Worst bond sale since 1949, investor confidence plummets: Bank of America

Global government bond losses are on track for the worst year since 1949 and investor confidence has tumbled to its lowest level since the financial crisis, BofA Global Research said in a note on Friday.

This year’s dramatic drop in bonds threatens credit events and a possible sell-off of the world’s busiest trades, including bets on the dollar that have pushed the greenback to multi-year highs against other currencies and bets on stocks. American technology companies, the bank said.

Bond funds saw outflows of $6.9bn for the week to Wednesday, while $7.8bn was withdrawn from stock funds and investors poured $30.3bn in cash, BofA said. in a research note citing EPFR data.

Investor confidence is the worst since the 2008 global financial crisis, according to the note.

Breaking news

Dow falls below 30,000 level as volatile week ends

US stocks fell for a fourth day, with the Dow Jones Industrial Average falling below the key 30,000 level, as investors end a choppy week following the Federal Reserve’s 75 basis point rate hike. In commodities, oil fell more than 4% to the level of 79 dollars per barrel.

Dow Jones averages.

$

29747.54

Stock futures fall on rate hikes and recession concerns

US stock futures added to losses after three days of declines after more rate hikes by the Federal Reserve and other central banks to rein in persistent inflation sparked fears of a potential global recession.

Major index futures suggest a 0.8% drop when Wall Street begins trading.

The 10-year Treasury yield, which influences mortgage rates, was at 3.68% on Friday.

Oil prices fell on Friday amid recession fears and a stronger US dollar, though losses were capped by supply concerns.

West Texas Intermediate (WTI) crude oil futures were trading around $83.00.

Brent crude oil futures traded around $89.00 per barrel.

For the week, TWI and Brent contracts fell 2.3% and 1.5% respectively.

In Asia, Hong Kong’s Hang Seng sank 1.2% and China’s Shanghai Composite Index lost 0.7%. Japanese markets were closed for holidays.

The S&P 500 lost 0.8% on Thursday at 3,757.99. The Dow Jones Industrial Average fell 0.4% to 30,076.68 and the Nasdaq Composite slipped 1.4% to 11,066.81.

Apple Music will sponsor the Super Bowl halftime show to replace Pepsi

This season’s Super Bowl halftime show will have a new sponsor.

The National Football League announced Thursday that Apple Music is the new partner for the Super Bowl halftime show.

The multi-year partnership will kick off with Super Bowl LVII, which will be played on Sunday, February 12, 2023, in Glendale, Arizona.

keep reading

Costco earnings, maximum revenue estimates

Costco shares traded 3% lower in premarket trading as operating expenses increased due to higher labor and freight costs.

The big retailer beat Wall Street estimates for revenue and profit.

Total revenue for the fourth fiscal year increased 15% to $72.1 billion. The average analyst estimate was $72.04 billion.

Like-for-like sales grew 13.7%, with e-commerce up 7.1%. Sales in the United States were 15.8%.

The price of gasoline continues to rise

The average price of a gallon of gasoline rose again on Friday to $3,689, according to AAA. Thursday’s price was $3,684, rising for the third day in a row after nearly 100 days of declines.

Gasoline peaked at $5,016 on June 14.

The price of diesel fell to $4,911 per gallon.

Oil falls on recession fears

Oil prices fell on Friday amid recession fears and a stronger US dollar, though losses were capped by supply concerns.

West Texas Intermediate (WTI) crude oil futures were trading around $83.00.

Brent crude oil futures traded around $89.00 per barrel.

For the week, TWI and Brent contracts fell 2.3% and 1.5% respectively.

Central banks around the world raised interest rates this week, raising the risk of an economic slowdown.

Mixed trading of Bitcoin, Ethereum and Dogecoin on Friday morning

Bitcoin was trading at around $19,000, after breaking a four-day losing streak.

During the week, Bitcoin was lower by more than 1%. For the month, the cryptocurrency is down over 4%.

Bitcoin is down over 58% year to date.

Ethereum was trading at $1,300, after losing 10% last week.

Dogecoin was trading at 6 cents, gaining just over 1% last week.

Leave a Comment

Your email address will not be published.