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incoming update…Disgraced ex-FTX CEO sits in jailSam Bankman-Fried , arrested earlier this week, sits in a Bahamas jail and his family says he needs a certain diet.
ECONOMYSam Bankman-Fried’s relatives asked Bahamas prison if he could get vegan meals there: reportRelatives of FTX founder Sam Bankman-Fried have called the prison where he is being held in Nassau, Bahamas, to ask if he could get vegan meals delivered, a report says.
Posted by FOX Business Team ShareBreaking News Stocks sink on weak retail sales, manufacturing data
U.S. stocks tumbled after retail sales for November slipped by 0.6%, more than expected, while two reports on manufacturing contracted. Both worrisome signs for the health of the economy amid the headwinds of rising interest rates. In commodities, oil hovered around the $77 per barrel level. Posted by FOX Business Team ShareElon Musk unloads more Tesla stockTesla Inc.$156.80
Elon Musk, Tesla’s largest individual shareholder, sold over $3 billion shares with the stock down over 55% this year.Posted by FOX Business Team ShareFutures at a glanceU.S. stock futures are down across the board after the U.S. Federal Reserve announced a 50-basis-point hike at their final meeting of the year on Wednesday.
Meanwhile, the Dow Jones Industrial Average futures are down roughly 263 points, or 0.77%, while the S&P and Nasdaq futures are 0.96% and 1.23% lower, respectively.
Over the last five days, the Dow is now off by 0.15%, the S&P clings to a gain of 0.68% and the tech-heavy Nasdaq is 0.29% lower.
Pre-market, key tech shares have helped drag the Nasdaq lower as Meta slipped nearly 1.93%, Apple retreated by roughly 1.23%, while Microsoft and Nvidia both dipped approximately 0.96% and 2.59% beneath the redline.
In commodities, West Texas Intermediate crude futures rose 0.08% to $77.34 a barrel, as gold dropped 1.70% to $1,787.70 an ounce.Posted by FOX Business Team ShareStock futures fall on rate concernsStock traders (Reuters)
U.S. equity futures traded lower Thursday morning after a retreat on Wall Street as markets registered their dismay over the Federal Reserves warning that still higher interest rates are in store.
The major futures indexes suggest a decline of 0.8% when trading begins on Wall Street.
Oil prices traded lower on Thursday as the dollar firmed and demand concerned increased over the possibility of further interest rate hikes.
U.S. crude futures traded around $76.00 a barrel.
Brent crude futures traded around $82.00 per barrel.
As expected, the U.S. central bank raised interest rates by 0.50 percentage points on Wednesday. It was its seventh hike this year. The Fed also said it expects rates to be higher in coming years than it had anticipated.
A very hectic morning of economic data on tap Thursday, with a focus on retail sales, jobs and manufacturing activity.
In Asia, Tokyo’s Nikkei 225 lost 0.4%, the Hang Seng in Hong Kong sank 1.6% and China’s Shanghai Composite index edged 0.3% lower.
On Wednesday, the S&P 500 lost 0.6% to 3,995.32, giving up an earlier gain of 0.9%. The Dow Jones Industrial Average fell 0.4% to 33,966.35, and the Nasdaq composite gave back 0.8%, closing at 11,170.89.Posted by Ken Martin ShareECB to slow rate hikesEuropean Central Bank Headquarters (Reuters)
The European Central Bank is set to raise interest rates following Thursday’s meeting.
It would be the fourth increase in a row, although by less than at its last two meetings, and lay out plans to drain cash from the financial system as it fights runaway inflation, according to Reuters.
The central bank for the 19-country euro zone raised the interest it pays on bank deposits from -0.5% to 1.5% in just three months, reversing a decade of ultra-easy policy after being wrong-footed by the sudden rise in prices.
A Reuters poll of economists expected the ECB to raise rates by half a percentage point after 75-basis-point hikes at each of its two previous meetings.
It would mirror the U.S. Federal Reserve’s change of pace on Wednesday.Posted by Ken Martin ShareTikTok ban is not if but whenTikTok logo split in illustration (FBN)
TikTok continued to take the punches this week as several states implemented bans on the social media platform and U.S. lawmakers joined together for a bipartisan proposal to stop the company from conducting business transactions anywhere in the country.
The proposal was introduced by Republican Sen. Marco Rubio, as fears surrounding TikTok suggest it is a Trojan horse, of sorts, being used to spy on Americans and censor content.
Continue readingPosted by Ken Martin ShareGasoline price slide continuesGas Prices (AAA)
The nationwide price for a gallon of gasoline slipped Thursday to $3.193, according to AAA.
The average price of a gallon of gasoline on Wednesday was $3.214.
It was a week ago that the price of a gallon of regular gasoline slipped below that of a year ago.
A year ago, the price for a gallon of regular gasoline was $3.318.
One week ago, a gallon of gasoline cost $3.329. A month ago, that same gallon of gasoline cost $3.759.
Everyone remembers when gas hit an all-time high of $5.016 on June 14.
Diesel has slipped below $5.00 per gallon to $4.831, but that is still a far cry from the $3.594 of a year ago.Posted by Ken Martin ShareOil dips as more rate hikes loomOil rigs pumping (Reuters)
Oil prices traded lower on Thursday as the dollar firmed and demand concerned increased over the possibility of further interest rate hikes.
U.S. crude futures traded around $76.00 a barrel.
Brent crude futures traded around $82.00 per barrel.
Both contracts fell as the dollar gained. A stronger dollar weakens oil demand as it makes the commodity more expensive for those holding other currencies, according to Reuters..
Federal Reserve Chair Jerome Powell said on Wednesday the U.S. central bank will raise interest rates further next year, even as the economy slips towards a possible recession.
Price declines were capped by projections from the International Energy Agency, which see Chinese oil demand recovering next year after a contraction this year of 400,000 barrels per day.
Meanwhile, U.S. crude oil stockpiles rose by more than 10 million barrels last week, according to the Energy Information Administration.Posted by Ken Martin ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were lower in Thursday tradingBitcoin was trading around $17,000, after rising in four of the last five days.
For the week, Bitcoin has gained more than 5%.
For the month, the cryptocurrency has gained more than 4%, but is down more than 61% year-to-date.
Ethereum was trading around $1,200, after gaining more than 6% in the past week.
Dogecoin was trading at 8 cents, after losing more than 7% in the past week.Posted by Ken Martin Share
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