Live stock news: Investors dump US stocks, oil dips below $80 and hits energy stocks

Important news

Dow tanks 700 points, Boeing, Chevron lead loss

Dow Jones Averages.

$

29394.79

Shares in the US are selling heavily, with all three major averages falling more than 2% with the Dow points drop reaching 700. All 30 members traded in the red, with Boeing and Chevron being the worst performers. Oil fell close to 6% and traded below $80 a barrel, infecting energy stocks.

Symbol Price Change %Change
SP500 $3,667.98 -90.01 -2.40
me:COMP $10.809.21 -.257.60 -2.33
BA $130.35 -8.36 -6.03
CVX $145.45 -9.44 -6.09
XLE $70.42 -5.28 -6.97
Symbol Price Change %Change
COST $470.15 -17.02 -3.49

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

Glencore acquires mining stake in Newmont, convicted of commodity price manipulation.

Symbol Price Change %Change
GLNCY $10.01 -1.02 -9.22
NEM $40.75 -1.75 -4.12

Glencore fell nearly 10% in trading on Friday morning. The Anglo-Swiss multinational commodities trading and mining company buys a stake in an Argentine copper and gold project and has reportedly been sanctioned in an oil price case.

Glencore will pay $124.9 million to acquire an 18.75% stake in Newmont’s stake in the MARA Project (MARA). In addition, Glencore will earn up to $50 million in deferred compensation.

MARA has proven and probable mineral reserves of 5.4 million tons of copper and 7.4 million ounces of gold in 1,105 billion tons of ore with an initial life of 28 years.

In addition, Bloomberg reported that a federal court in Connecticut ordered Glencore to pay $486 million in fines and forfeiture for alleged involvement in a multi-year plan to manipulate fuel oil prices in two of the busiest commercial shipping ports in the US.

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

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

The price of oil plunged about 5% to an eight-month low on Friday, as the US dollar hit its highest level in more than two decades on fears that rising interest rates will send major economies into recession.

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

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

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

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

JetBlue Ground Operations Employees Aim For Union Elections

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

Employees of JetBlue Fleet Service want to unite. The International Association of Machinists and Aerospace Workers (IAM) says there is enough interest among the low-cost airline’s navs to hold a union representative election.

North America’s largest aviation federation has announced that it will submit an election application to the National Mediation Board (NMB), the federal agency that organizes union representation elections in the aviation and rail sectors.

Among the normative pay rates and benefits, JetBlue employees have cited poor and unsafe working conditions, unwarranted discipline and dismissal, among many other reasons, as reasons to get IAM representation and a seat at the table, the IAM said.

The IAM is the largest airline association in North America and represents airline personnel at every major US airline.

Bond sell-off 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 level since the financial crisis, BofA Global Research said in a note Friday.

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

Bond funds posted $6.9 billion outflows in the week to Wednesday, as $7.8 billion was removed from equity funds and investors put $30.3 billion in cash, BofA said in a research note citing EPFR data.

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

Important news

Dow drops below 30,000 as volatile week ends

US stocks fell for the fourth day, with the Dow Jones Industrial Average slipping below the key 30,000 level as investors ended a shaky 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 due to interest rate hike, recession concerns

US stock futures are contributing to losses after three days of declines following more rate hikes by the Federal Reserve and other central banks to contain ongoing inflation and fuel 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 affects mortgage rates, stood at 3.68% on Friday.

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

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

Brent oil futures traded around $89.00 a barrel.

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

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

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

Apple Music sponsors Super Bowl halftime show to replace Pepsi

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

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

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

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Costco Earnings, Revenue Highest Estimates

Costco shares were down 3% in premarket trading as operating expenses rose due to higher labor and freight costs.

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

Fiscal fourth total revenue increased 15% to $72.10 billion. The analysts’ average estimate was $72.04 billion.

Comparable store sales grew by 13.7%, while e-commerce grew by 7.1%. Sales in the US amounted to 15.8%.

Petrol price continues to rise

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

Gas peaked at $5,016 on June 14.

The price of diesel dropped to $4,911 a gallon.

Oil falls amid recession fears

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

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

Brent oil futures traded around $89.00 a barrel.

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

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

Bitcoin, Ethereum and Dogecoin Trade Mixed Friday Morning

Bitcoin traded around $19,000 after 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 more than 58% so far.

Ethereum traded at $1,300, after losing 10% in the past week.

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


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