Live stock market news: Investors dump US stocks, oil drops below $80 to hit energy stocks

More bad news for stock investors

Goldman Sachs has become more negative about the outlook for the S&P 500, the broadest measure of the US stock market.

Breaking news

Dow 700 tanks hit the bear market, Boeing and Chevron retreat

Dow Jones averages.

$

29394.79

US stocks are selling heavily with all three major averages down over 2% with the Dow down 700 points before bouncing off the lows that confirmed a bear market.

All 30 members traded in red, with Boeing and Chevron being the worst performers. Oil fell nearly 6% when trading below $80 a barrel, infecting energy stocks.

Code price

they change

% change
SP500 $3,667.98 -90.01 -2.40
I: COMP $10,089.21 -, 257.60 -2.33
BA USD 130.35 -8.36 -6.03
CVX USD 145.45 -9.44

-6.09

XLE USD 70.42 -5.28 -6.97
Code price they change % change
cost $470.15 -17.02 -3.49

Costco has no plans at this time to increase membership fees. The operator of an international chain of membership warehouses said its membership renewal rate was 92.6% in the United States and Canada at the end of the fiscal fourth quarter ending August 28.

Glencore acquires mining stake in Newmont, which is doomed in a scheme to manipulate commodity prices.

Code price they change % change
GLNCY $10.01 -1.02 -9.22
Neem $40.75 -1.75 -4.12

Glencore stock is down nearly 10% in morning trading on Friday. The multinational Anglo-Swiss Mining and Commodity Trading Company is share buy In an Argentine copper and gold project, they were reportedly penalized in an oil pricing case.

Glencore will pay $124.9 million to acquire an 18.75% stake in Newmont’s stake in the Mara (MARA) project. Additionally, Glencore will earn up to $50 million in deferred consideration.

MARA has proven and probable mineral reserves of 5.4 million tons of copper and 7.4 million ounces of gold contained in 1.105 billion tons of ore with an initial mine life of 28 years.

Additionally, Bloomberg reports that a Connecticut federal court has ordered Glencore to pay $486 million in fines and forfeiture for allegedly participating in a multi-year scheme to manipulate fuel oil prices at two of the busiest commercial shipping ports in the United States.

The company pleaded guilty in May to a plan to manipulate commodity prices The Ministry of Justice announced.

Oil falls to eight-month low amid strong dollar and recession fears

Oil prices fell about 5% to an eight-month low on Friday as the US dollar reached its strongest level in more than two decades amid fears that higher interest rates could push major economies into recession.

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

That puts both benchmarks in technical oversold territory with WTI heading towards its lowest close since January 10, while Brent crude heading towards its lowest close since January 13.

Over the course of the week, WTI fell about 7% and Brent fell about 6%, the fourth consecutive week of declines for the benchmarks, and the first time this has happened since December.

US gasoline and diesel futures are also down more than 5%.

JetBlue ground operations staff seek union election

Code price they change % change
JBLU $6.87 -0.23 -3.31

JetBlue Fleet Service workers want to join unions. The International Association of Machinists and Aerospace Workers (IAM) says there is enough interest among the discount air carrier’s ground operations workers to hold 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 union representation elections in the airline and rail sectors.

JetBlue workers cited below-standard industry wage and benefits rates, poor and unsafe working conditions, discipline and unjustified terminations, among many other issues as reasons to get IAM representation and a seat at the table, IAM said.

IAM is North America’s largest airline association and represents airline workers for every major U.S. airline.

Worst Bond Selling Since 1949, Collapsing Investor Sentiment: Bank of America

Global government bond losses are on track for the worst year since 1949, Bank of America Global Research said in a note on Friday, and investor sentiment has fallen to its lowest level since the financial crisis.

The bank said this year’s dramatic bond collapse threatens credit events and potential liquidation of the world’s busiest trade, including bets on the dollar that have pushed the dollar to multi-year highs against other currencies and bets on US technology stocks.

Bond funds posted $6.9 billion outflows in the week to Wednesday, Bank of America said in a research note, citing EPFR data, while $7.8 billion was removed from equity funds and investors invested $30.3 billion in cash.

The note said investor sentiment was the worst since the 2008 global financial meltdown.

Breaking news

Dow Jones drops below 30,000 as volatile weekend approaches

US stocks fell for a fourth day, with the Dow Jones Industrial Average dropping below the key 30,000 level, as investors take a volatile week after the Federal Reserve raised interest rates by 75 basis points. In commodities, oil is down more than 4% to $79 a barrel.

Dow Jones averages.

$

29747.54

Stock futures drop on rising interest rates, recession fears

US stock futures add to losses after three days of declines after further interest rate hikes by the Federal Reserve and other central banks to control persistent inflation, which raised fears of a possible global recession.

Major futures indices are pointing to a 0.8% drop when Wall Street starts trading.

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

Oil prices fell on Friday on recession fears and a rally in the US dollar, although losses were capped by supply concerns.

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

Brent crude futures were trading around $89.00 a barrel.

Over the course of the week, the TWI and Brent contracts fell 2.3% and 1.5%, respectively.

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

The S&P 500 lost 0.8% on Thursday to 3,757.99. 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 will have a new sponsor.

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

The multi-year partnership will begin with Super Bowl LVII, which will take place on Sunday, February 12, 2023 in Glendale, Arizona.

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Costco’s Profit, Higher Revenue Estimates

Costco shares traded 3% lower in premarket trading as operating expenses rose due to higher labor and shipping costs.

The major retailer outperformed Wall Street’s revenue and profit estimates.

Total fourth fiscal revenue rose 15% to $72.10 billion. Analysts averaged $72.04 billion.

Comparative sales grew 13.7%, with e-commerce increasing 7.1%. US sales were 15.8%.

Gasoline 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, rising for the third consecutive day after nearly 100 days of declines.

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

Diesel has dropped to $4,911 a gallon.

Oil falls due to recession fears

Oil prices fell on Friday on recession fears and a rally in the US dollar, although losses were capped by supply concerns.

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

Brent crude futures were trading around $89.00 a barrel.

Over the course of the week, the TWI and Brent contracts fell 2.3% and 1.5%, respectively.

Central banks around the world raised interest rates this week, raising the risks of an economic slowdown.

Bitcoin, Ethereum and Dogecoin trade mixed on Friday morning

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

During the week, bitcoin was down over 1%. For the month, the cryptocurrency is down more than 4%.

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

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

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

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