Last Update

STOCK MARKET NEWS: Nasdaq leads as Netflix, streaming stocks jump, sobering housing data

Existing home sales report, Elevance, Abbott Labs, Biogen earnings. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.


incoming update…

Coverage for this event has ended.

Breaking News

Nasdaq jumps 1.6% as streaming, chip stocks lead, Tesla earnings on tap

U.S. stocks rose Thursday powered by technology and streaming companies on the heels of Netflix’s better-than-expected quarter, shares rose 7%. Semiconductor stocks also helped as the ‘Chips Act of America’ bill advanced. Investors will also dig into Tesla’s latest quarter. In commodities, oil rose 1.9% to $102.26 per barrel. 


Posted by Fox Business Team

Chip bill advances in the Senate juicing stocks


Posted by Fox Business Team

Existing home sales slide


Sales of existing homes dropped for the fifth straight month, down 14.2% year-over-year, to a seasonally adjusted annual rate of 5.12 million.

The median existing-home sales price climbed 13.4% from one year ago to $416,000, a new record high.

“Falling housing affordability continues to take a toll on potential home buyers,” said NAR Chief Economist Lawrence Yun. “Both mortgage rates and home prices have risen too sharply in a short span of time" he added.

Posted by Fox Business Team
Breaking News

Stocks slip ahead of housing data, Netflix shares rise

U.S. stocks were little changed on Wednesday as investors await fresh data on home sales and earnings reports from companies including Tesla due after the bell. Netflix shares clocked gains after the streaming giant lost less subscribers than expected. In commodities, oil hovered around the $90 per barrel level. 


Posted by Fox Business Team

Mortgage demand plummets

"Mortgage applications declined for the third week in a row, reaching the lowest level since 2000. Similarly, with most mortgage rates more than two percentage points higher than a year ago, demand for refinances continues to plummet, with MBA’s refinance index also falling to a 22-year low," said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Posted by Fox Business Team

Cryptocurrency prices higher early Wednesday morning

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin moved higher early Wednesday morning.

At approximately 4 a.m. ET, Bitcoin was trading at around $23,500 (+0.81%), or higher by more than $185.

For the week, Bitcoin was trading higher by nearly 20.5%. For the month, the cryptocurrency was higher by nearly 14%.

Ethereum was trading at approximately $1,550 (+0.47%), or higher by nearly $8.

For the week, Ethereum was trading higher by about 47.5%. For the month, it was trading higher by more than 36.5%.

Dogecoin was trading at 0.075967 (+10.3%), or higher by approximately $0.07106. 

For the week, Dogecoin was higher by more than 14.5%. For the month, the crypto was higher by nearly 14.5%.

Posted by Fox Business Team

Online car dealer Carvana banned from Illinois for second time

Carvana Co.

Online car dealer Carvana has been barred from doing business in Illinois over issues with consumers receiving vehicle registrations and titles.

This is the second time in two months the company has been hit with a ban.

The Illinois Secretary of State's office said Monday the company's dealer's license had been suspended because car buyers did not receive their titles. A car's title is essential, as it proves ownership of the vehicle. Furthermore, the vehicle cannot be driven or sold without a title.

Secretary of State spokesman Henry Haupt told Fox 32 Carvana unlawfully issued consumers temporary vehicle registrations from other states, and had done so without using a licensed remitter.

The company's business practices have been under investigation from the Secretary of State's office since February following a number of customer complaints.

Posted by Landon Mion

Gas, diesel prices continue fall since mid-June peak

The average price of a gallon of regular gasoline nationwide fell Wednesday morning to $4.467, according to AAA. 

On Tuesday, that same gallon cost $4.495. Sunday the price was $4.521. 

Gas has been on the decline since hitting a high of $5.016 on June 14. 

A week ago, the average price of a gallon of gasoline in the U.S. was $4.631. A month ago, that same gallon of gasoline in the U.S. was $4.981. A year ago, the average price of a gallon of gasoline in the U.S. was $3.166, AAA reported. 

Diesel slipped on Wednesday to $5.497. On Tuesday, a gallon of diesel sold for $5.515 A week ago, a gallon of diesel sold for $5.611. A month ago, that same gallon of diesel fuel cost $5.815. Last year, diesel sold for $3.273 per gallon, AAA reported.

Posted by Fox Business Team

Stocks higher day after biggest one-day gains in nearly a month

U.S. stocks were trading higher early Wednesday morning after indexes recorded their biggest one-day gains in nearly a month Tuesday when investors reacted positively to a fresh batch of company earnings reports. 

The S&P 500 added 105.84 points, or 2.8%, to end the day at 3936.69. The tech-focused Nasdaq Composite gained 353.10 points, or 3.1%, to 11713.15 , and the Dow Jones Industrial Average rose 754.44 points, or 2.4%, to 31827.05. 

All three indexes logged their biggest one-day point and percentage gains since June 24. They have risen more than 6% from their lows in mid-June but remain down sharply for the year. 

Investors are parsing earnings reports to determine how decades-high inflation is affecting corporate profits and consumer spending. Economists have been raising the estimated chances of a U.S. recession within the next 12 months, worried that the higher interest rates put in place by the Federal Reserve to curb inflation will weigh on growth.

Some investors, though, are on the lookout for signs from executives that the economic picture might not be as dark as feared. 

"When you look at what's happening in the real economy through the lens of our customers, I'd say it's less than 50/50 that we end up with a recession at this point," said Bruce Van Saun, CEO of Citizens Financial Group, which reported earnings that beat expectations Tuesday. 

Investors see bank earnings as a good way to determine the path of the broader economy, since their businesses closely track the health of consumers and businesses. 

Toy company Hasbro rose 0.7% after it reported stronger profit than analysts expected. Oilfield services provider Halliburton added 2.1% after its profit and revenue topped forecasts.

Netflix jumped 8% in after-hours trading after the company reported better-than expected results and a smaller subscriber loss than analysts had feared. 

Twitter rose 2.8% after a court in Delaware agreed to quickly schedule a lawsuit that could force billionaire Elon Musk to make good on his agreement to buy the company. 

Meanwhile, Asian shares advanced Wednesday as Tokyo's Nikkei 225 jumped 2.5% to 27,631.50 while the Hang Seng in Hong Kong gained 2% to 21,068.85.

In Seoul, the Kospi added 1% to 2,395.19. Australia's S&P/ASX 200 climbed 1.7% to 6,765.00, while the Shanghai Composite index rose 0.7% to 3,301.25. 

Shares also rose in India and Taiwan. 

China's central bank kept its loan prime rate steady despite the latest data showing a significant slowdown in growth in the past quarter, when pandemic-related shutdowns in many cities idled businesses and other activity.

Posted by Associated Press

Oil prices drop more than 1% hours ahead of release of US inventory data


Oil prices slumped more than $1 a barrel on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product demand weakens. 

Brent crude prices for September fell $1.50, or 1.4%, to $105.85 a barrel by 0645 GMT, while U.S. West Texas Intermediate (WTI) crude for August slipped $1.40, or 1.3%, to $102.82 per barrel. The WTI contract will expire later on Wednesday. 

The more active September WTI contract was at $99.09 a barrel, down $1.65. 

Oil prices whipsawed in the previous session, caught in a tug-of-war between supply fears due to Western sanctions on Russia and pressures on indications from central bankers that they will raise interest rates to combat inflation. 

Both contracts settled about 1% higher on Tuesday on tight supplies globally which have also kept the prompt Brent intermonth spreads in wide backwardation at about $4.40 a barrel.

Front-month prices are higher than those in future months in a backward dated market, indicating tight supplies. 

On Friday, open interest in New York Mercantile Exchange futures fell to their lowest since September 2015 as investors cut risky assets like commodities, worried that the Federal Reserve will keep raising U.S. interest rates. 

In the United States, crude stocks rose by about 1.9 million barrels for the week ended July 15, according to market sources citing American Petroleum Institute figures on Tuesday. That was close to the forecast for a rise of 1.4 million barrels in a Reuters poll. 

Official weekly crude and fuel inventory data from the U.S. Energy Information Administration (EIA) is expected on Wednesday at 10:30 a.m. ET and traders are watching out for implied demand. 

The U.S. 3:2:1 and gasoline crack spreads - measures of refining profit margins - both fell to their lowest since April on Tuesday, indicating weaker fuel demand.

Posted by Reuters

Live Coverage begins here