Home Commercial trading Live Stock News: Investors Ditch US Stocks, Oil Falls Below $80 Level, Hit Energy Stocks

Live Stock News: Investors Ditch US Stocks, Oil Falls Below $80 Level, Hit Energy Stocks

0

More bad news for stock market investors

Goldman Sachs has just turned more negative on the outlook for the S&P 500, the broadest measure of the US stock market.

recent news

Dow Tanks 700 points hit the bear market, Boeing and Chevron lower the lead

Dow Jones averages.

$

29394.79

US equities are selling off strongly with all three major averages down more than 2% as the Dow’s point drop hit 700 before bouncing off the lows, confirming a bear market.

The 30 members traded in the red with the worst performing Boeing and Chevron. Oil fell nearly 6% below $80 a barrel, infecting energy stocks.

Symbol Price

To change

%To change
SP500 $3,667.98 -90.01 -2.40
I: COMP $10,809.21 -,257.60 -2.33
BA $130.35 -8.36 -6.03
CLC $145.45 -9.44

-6.09

XLE $70.42 -5.28 -6.97
Symbol Price To change %To change
COST $470.15 -17.02 -3.49

Costco has no plans to increase membership fees at this time. The operator of an international membership warehouse chain said its membership renewal rate was 92.6% in the United States and Canada at the end of its fourth fiscal quarter ended Aug. 28.

Glencore will acquire the mining stake of Newmont, condemned in a scheme to manipulate the prices of raw materials.

Symbol Price To change %To change
GLNCY $10.01 -1.02 -9.22
NMS $40.75 -1.75 -4.12

Glencore fell nearly 10% in Friday morning trading. The Anglo-Swiss multinational commodity trading and mining company is buy a stake in an Argentine copper and gold project and allegedly penalized in an oil pricing case.

Glencore will pay $124.9 million to acquire an 18.75% stake in Newmont’s interest in the MARA project (MARA). Additionally, Glencore will earn up to $50 million in deferred consideration.

MARA has proven and probable mineral reserves of 5.4 million tonnes of copper and 7.4 million ounces of gold contained in 1.105 billion tonnes of ore with an initial life of 28 years.

Additionally, Bloomberg reported that a federal court in Connecticut ordered Glencore to pay $486 million in fines and forfeiture for allegedly participating in a multi-year program to manipulate fuel oil prices at two of the Ports. USA’s busiest commercial shipping.

The company pleaded guilty in May to the commodity price manipulation scheme, the The Department of Justice announced.

Oil plunges to eight-month low on strong dollar, recession fears

Oil prices plunged about 5% to an eight-month low on Friday as the U.S. dollar hit its highest level in more than two decades and fears that rising interest rates could tip major economies into recession.

Brent crude futures fell $4.35, or 4.8%, to $86.11 a barrel as of 10:09 a.m. EDT (1409 GMT), while U.S. crude West Texas Intermediate (WTI ) fell $4.58, or 5.5%, to $78.91.

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

For the week, WTI was down around 7% and Brent was down around 6%, the fourth consecutive week of declines for the benchmarks, the first time this has happened since December.

U.S. gasoline and diesel futures also fell more than 5%.

JetBlue ground operations workers demand union election

Symbol Price To change %To change
JBLU $6.87 -0.23 -3.31

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

North America’s largest airline union has announced it will file an election petition with the National Mediation Board (NMB), the federal agency that conducts elections for union representation in the airline and railways.

JetBlue workers cited sub-industry standard pay rates and benefits, poor and unsafe working conditions, discipline and wrongful dismissals, among many other issues, as reasons for seeking representation of the IAM and a seat at the table, the IAM said.

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

Bond sale worst since 1949, investor sentiment plummets: Bank of America

Losses on global government bonds are on track for the worst year since 1949 and investor sentiment has fallen to its lowest since the financial crisis, BofA Global Research said in a note Friday.

This year’s dramatic fall in bonds threatens credit events and a potential sell-off of the world’s busiest trades, including dollar bets that have taken the greenback to multi-year highs against other currencies and betting on U.S. tech stocks, the bank said.

Bond funds saw outflows of $6.9 billion in the week to Wednesday, while $7.8 billion was withdrawn from equity funds and investors invested 30, $3 billion in cash, BofA said in a research note citing EPFR data.

Investor sentiment is at its worst since the global financial crash of 2008, the note said.

recent news

Dow falls below 30,000 level as volatile week ends

US stocks fell for a fourth day, with the Dow Jones Industrial Average slipping 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 $79 a barrel level.

Dow Jones averages.

$

29747.54

Stock futures fall on rate hike, recession fears

U.S. stock futures add to losses after three days of decline after further rate hikes by the Federal Reserve and other central banks to control lingering inflation spurred fears of a possible global recession.

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

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

Oil prices fell on Friday amid recession fears and a stronger U.S. dollar, although losses were capped by supply issues.

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

Brent futures were trading around $89.00 a barrel.

For the week, contracts for TWI and Brent were down 2.3% and 1.5% respectively.

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

The S&P 500 fell 0.8% on Thursday to 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 is sponsoring the Super Bowl halftime show as a replacement for Pepsi

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

The National Football League announced on Thursday that Apple Music is the new partner of the Super Bowl Halftime Show.

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

continue reading

Costco earnings, maximum revenue estimates

Costco shares traded down 3% in premarket trading as operating expenses rose on higher labor and transportation costs.

The big-box retailer beat Wall Street revenue and earnings estimates.

The fourth fiscal year total revenue increased 15% to $72.10 billion. The average analyst estimate was $72.04 billion.

Same-store sales increased 13.7%, with e-commerce increasing 7.1%. Sales in the United States were 15.8%.

Gasoline prices continue to rise

The average price of a gallon of gasoline gained again on Friday to $3,689, according to AAA. Thursday’s price was $3.684, up for the third day in a row after nearly 100 days of declines.

Gas reached a high of $5.016 on June 14.

The price of diesel slid to $4.911 per gallon.

Oil falls on fears of recession

Oil prices fell on Friday amid recession fears and a stronger U.S. dollar, although losses were capped by supply issues.

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

Brent futures were trading around $89.00 a barrel.

For the week, contracts for TWI and Brent were down 2.3% and 1.5% respectively.

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

Bitcoin, Ethereum and Dogecoin exchanges mixed on Friday morning

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

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

Bitcoin is down over 58% since the start of the year.

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

Dogecoin was trading at 6 cents, gaining just over 1% in the past week.