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Stocks dip, Roku in play? GDP est. cut, gas nears $5: LIVE UPDATES

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Breaking News

S&P falls 1%, Dow over 269 points as 10-year yield hits 3.028%


U.S. stocks fell across the board as materials, utilities and industrials paced the 1% drop for S&P 500. The yield on the 10-year Treasury closed above 3%, the fifth highest level of the year. In commodities, oil rose to $122.11 per barrel, with gas prices just shy of $5 a gallon nationwide. 

Posted by FOX Business

Walmart-backed Symbotic climbs after de-SPAC

Symbotic CEO Michael Loparco and Softbank managing partner Vikas Parekh provide insight into the company’s partnership with Walmart and going public.

Posted by FOX Business

Crypto falls amid new bipartisan regulation bill

Domain Money CEO Adam Dell weighs in on the bipartisan cryptocurrency bill on ‘Cavuto: Coast to Coast.’

Posted by FOX Business

Posted by FOX Business

Moderna says COVID-19 vaccine booster is lead for treatment against variants


"Looking at these data alongside the durability we saw with our first bivalent booster candidate, mRNA-1273.211, we anticipate more durable protection against variants of concern with mRNA-1273.214, making it our lead candidate for a Fall 2022 booster" said Stéphane Bancel, Chief Executive Officer of Moderna.

Posted by FOX Business
Breaking News

Stocks fall on economic growth woes


U.S. stocks pulled back Wednesday on fresh concerns the economy is slowing after the Federal Reserve Bank of Atlanta updated 2Q GDP estimates showing growth of under 1%.  Industrial names including 3M fell, along with chipmakers such as Intel. In commodities, oil topped $120 per barrel. 

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Developing Story

Roku and Netflix in talks?


Netflix may be eyeing Roku for a possible acquisition according to Business Insider.

Posted by FOX Business

Estimates for 2Q economic growth lowered

The Federal Reserve Bank of Atlanta's GDPNow forecast now pegs 2Q growth below 1%.

Posted by FOX Business

Bitcoin, Ethereum, Dogecoin down early Wednesday

Cryptocurrency was trending lower early Wednesday morning.

At almost 5 a.m. ET, Bitcoin was trading at nearly $30,490 (-2.30%), down $736. For the week, Bitcoin was down 2% and for the month, it was down 12%.

Ethereum was lower as well, trading at slightly more than $1,800 (-0.74%), or around $14. For the week, Ethereum was down 6.65% and for the month, it was down more than 31%.

Dogecoin was in negative territory overnight, trading at $0.080 (-0.26%), or down around $0.0002. For the week, Dogecoin was down 6.57% and for the month, it was down nearly 37%.

Posted by Jack Durschlag
Breaking News

Gas prices rise again overnight

The average price for a gallon of gasoline in the U.S. rose to another record early Wednesday morning, hitting $4.955 after rising to $4.919 on Tuesday morning, according to the latest numbers from AAA.

Gasoline prices rose 5.4 cents from Monday to Tuesday nationwide, AAA reported, with Monday’s price settling at $4.865 per gallon. Sunday, the price for that same gallon of gasoline stood at $4.848, topping Saturday’s price of $4.819.

Overall, the price of gasoline rose about 15 cents since Saturday. A week ago, a gallon cost $4.671 nationwide, while a month ago, gas prices stood at $4.317, meaning prices rose more than 63 cents.

One year ago, gas sold for $3.06, AAA reported. 

Meanwhile, a gallon of diesel cost $5.719, a 3.5 cent hike overnight.

Posted by Jack Durschlag

US stocks trending lower Wednesday after positive day Tuesday


U.S. stocks were lower early Wednesday morning after ending in positive territory following a volatile session Tuesday as investors continued to assess the outlook for inflation and economic growth.

On Tuesday, the S&P 500 rose 39.25 points, or 1%, to 4160.68, driven by gains in 10 of the index's 11 sectors. Meanwhile, the Nasdaq Composite climbed 113.86 points, or 0.9%, to 12175.23 and the Dow Jones Industrial Average increased 264.36 points, or 0.8%, to 33180.14. 

All three indexes had opened modestly lower after a profit warning from Target cast a pall over the retail sector. 

Stocks have swung in recent days, buffeted by shifts in views about the strength of the economy and the likely path for central banks and interest rates. A big concern is that central banks could act too aggressively as they combat inflation and trigger a slowdown in economic growth, or even a recession. 

Gains by Apple, Microsoft and other technology stocks were some of the biggest forces lifting the market, as the 10-year Treasury yield fell below 3%. 

Stocks of energy producers also jumped as oil prices rose to roughly $120 per barrel, up more than 55% for the year so far. Exxon Mobil climbed 4.6%, and ConocoPhillips added 4.5%. 

Kohl’s soared 9.5% after the department store chain said it’s in advanced talks to sell itself for about $8 billion to Vitamin Shoppe owner Franchise Group. Jam maker J.M. Smucker rose 5.7% after reporting stronger earnings than analysts expected. 

Meanwhile, shares were mostly higher in Asia on Wednesday as Advancing Chinese technology shares also pushed Hong Kong sharply higher.

Tokyo's Nikkei 225 index gained 1% to 28,234.29 while the Kospi in South Korea was little changed at 2,626.14.

In Sydney, the S&P/ASX 200 advanced 0.4% to 7,121.10. Hong Kong's Hang Seng index jumped 2.1% to 21,987.92 as Chinese technology stocks surged after Beijing approved a new batch of video games. That was seen as a sign the business outlook for tech companies is improving after a prolonged regulatory crackdown.

The Shanghai Composite index reversed early losses, gaining 0.5% to 3,259.24.

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Posted by Associated Press

Oil prices higher Wednesday in anticipation of report of low U.S. oil stocks


Oil prices drifted higher on Wednesday, anticipating a report of low U.S. oil stocks, while expectations of solid demand in the upcoming driving season also lent support. 

Brent crude futures for August were up 40 cents, or 0.3%, at $120.97 a barrel at 0649 GMT after closing on Tuesday at the highest since May 31. U.S. West Texas Intermediate crude for July was at $120.01 a barrel, up 60 cents, or 0.5%, after reaching its highest settlement since March 8 in the previous session.

Analysts polled by Reuters expect data for last week to show another drawdown of U.S. crude inventories, although gasoline and distillates stocks could edge higher. 

"The oil market is expected to remain tight as the supply side will continue to tell a story of low inventories. Crude oil inventories will likely post more draws as driving season and vacationing heats up," OANDA analyst Edward Moya said. 

However, figures from the American Petroleum Institute showed that U.S. crude and oil products inventories rose last week. 

The U.S. Energy Information Administration (EIA) will report last week's stock levels at 10:30 a.m. EDT (1430 GMT) on Wednesday. 

Meanwhile, global crude and oil products supplies remain tight, boosting Asian refiners' diesel margins to record levels, as Western sanctions hamper exports from major producer Russia. 

The CEO of global commodities trader Trafigura said oil prices could soon hit $150 a barrel and go higher this year, with demand destruction likely by the end of the year. Most refineries globally are already running close to capacity to meet rising demand from pandemic recovery and to replace lost Russian supplies. 

JP Morgan analysts estimate that Russia has cut about 500,000 to 700,000 barrels per day of oil products exports, because it now finds marketing fuel harder than marketing crude.

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Posted by Reuters

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