EQUITY MARKET NEWS: Futures add to declines, oil loss week

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

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

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

This puts both benchmarks in technically oversold territory and the WTI on track to its lowest close since January. 10 and Brent on track to its lowest close since January. 13.

For the week, WTI was down by about 7% and Brent by about 6%, the fourth consecutive week of declines for the benchmarks, the first time since December.

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

JetBlue ground operations employees seek union elections

Symbol price Change %Change
JBLUE $ 6.87 -0.23 -3.31

JetBlue Fleet Service workers want to join the union. The International Association of Machinists and Aerospace Workers (IAM) says there is enough interest among the air carrier’s ground operations workers to conduct a union representation election.

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

JetBlue workers cited below industry standard rates and benefits, poor and unsafe working conditions, discipline and unwarranted layoffs, among many other issues as reasons for getting IAM representation and a seat at the table, the IAM said. .

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

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

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

This year’s dramatic bond plunge threatens credit events and a potential liquidation of the world’s busiest trades, including dollar bets that took the greenback to multi-year highs against other currencies and bets on U.S. tech stocks, he said. stated the bank.

Bond funds recorded outflows of $ 6.9 billion during the week through Wednesday, while $ 7.8 billion was removed from equity funds and investors invested $ 30.3 billion in cash, BofA said in a statement. research citing EPFR data.

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

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The Dow dips below the 30,000 level as the volatile week turns to the downside

US stocks fell for a fourth day, with the Dow Jones Industrial Average slipping below the key 30,000 level as investors ended an unstable week after the Federal Reserve’s 75bp rate hike. In commodities, oil fell more than 4% to the $ 79 a barrel level.

Dow Jones averages.

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29747.54

Stock futures fall on rate hike, recession concerns

US stock futures are adding to losses after three days of declines after further rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession.

Major futures indices suggest a 0.8% decline when Wall Street starts trading.

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

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

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

Brent crude futures traded around $ 89.00 a barrel.

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

In Asia, Hong Kong’s Hang Seng lost 1.2% and China’s Shanghai Composite Index lost 0.7%. The Japanese markets have been 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 in replacement of 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 begin with Super Bowl LVII, which will be played on Sunday 12 February. 12, 2023 in Glendale, AZ.

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Costco profit, maximum revenue estimates

Costco shares traded 3% lower in pre-market trading as operating expenses increased due to rising labor and transportation costs.

The large retailer beat Wall Street’s revenue and profit estimates.

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

Comparable 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, up for a third consecutive day after nearly 100 days of low.

Gas reached a high of $ 5,016 on June 14.

The price of Diesel dropped to $ 4,911 per gallon.

Oil collapses on recession fears

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

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

Brent crude futures traded around $ 89.00 a barrel.

For the week, contracts for TWI and Brent fell by 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 trading is mixed on Friday morning

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

For the week, Bitcoin was more than 1% lower. For the month, the cryptocurrency fell more than 4%.

Bitcoin is down more than 58% since the beginning of the year.

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

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

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