Fri, 30 Dec 2022 08:37 EST
[image]U.S. stock futures are down across the board ahead of the opening bell on Friday after a Thursday rally sent the major benchmarks into positive territory.
The Dow Jones Industrial Average futures is off roughly 128 points, or 0.38%, while the S&P and Nasdaq futures are down approximately 0.58% and 0.98%, respectively.
Year-to-date, the Dow remains off around 8.30%, the S&P is still off around 19.19% and the tech-heavy Nasdaq is still roughly 33.13% lower as tech stocks continue to struggle.
Pre-market, shares of Meta are approximately 1.55% lower, Apple is off roughly 1.25%, as Microsoft and Nvidia slip nearly 1.10% and 1.93%, respectively.
In commodities, West Texas Intermediate crude futures slipped 0.40% to $78.09 a barrel, as gold dropped 0.07% to $1,824.80 an ounce.
Fri, 30 Dec 2022 07:55 EST
[Article URL]As Elon Musk battled for Twitter, some argue Tesla took a back seat. Now, with the stock on pace for its worst year ever, investors and analysts are calling for Musk to get back to his roots.
[Security Chart]Fri, 30 Dec 2022 05:57 EST
[image]U.S. equity futures were trading lower Friday morning, giving back gains from the prior session.
The major futures indexes suggest a decline of 0.3% when trading begins on Wall Street.
Stocks will trade for a full day, while bonds will have an early close of 2:00 p.m. ET. Equities and bonds will not trade on Monday as the markets observe the New Year holiday.
Oil prices traded higher on Friday and were on track to post their second straight annual gains.
U.S. West Intermediate crude traded around $78.00 a barrel. It is on track to rise 4.5% in 2022, following a 55% gain last year.
Brent crude futures traded around $82.00 a barrel. Brent looked set to end the year with a 7.6% gain, after jumping 50.2% in 2021.
On the economic schedule, the Institute for Supply Management’s Chicago Purchasing Managers’ index for December. This closely watched gauge of Midwest business activity is anticipated to edge up to 40.0, rebounding slightly from a much weaker-than-expected reading of 37.2 in November.
In Asia, Tokyo’s Nikkei 225 ended little changed. It had an annual loss of almost 10%. The Hang Seng in Hong Kong added 0.2%. It is off more than 14% this year.
The Shanghai Composite Index gained 0.5%. The Chinese benchmark ended 2022 down more than 14%.
On Wall Street, the S&P 500 rose 1.7% to 3,849.28. The Dow Jones Industrial Average gained 1% to 33,220.80. The Nasdaq composite added 2.6% to 10,478.09.
Each major U.S. index is headed for a loss in December. The S&P 500 Index will end the year down about 20%.
Fri, 30 Dec 2022 05:55 EST
[Article URL]Southwest Airlines aimed to have flights back on track Friday.
The airline only has 39 flights canceled early Friday after a turbulent week.
The airline had canceled some 2,300 flights on Thursday according to FlightAware.com.
Southwest had scrapped another 2,500 flights on Wednesday.
Fri, 30 Dec 2022 05:54 EST
[Article URL]Oil prices traded higher on Friday and were on track to post their second straight annual gains.
Oil had a stormy year marked by tight supplies due to the Ukraine war, a strong dollar and weakening demand from China.
U.S. West Intermediate crude traded around $78.00 a barrel. It is on track to rise 4.5% in 2022, following a 55% gain last year.
Brent crude futures traded around $82.00 a barrel. Brent looked set to end the year with a 7.6% gain, after jumping 50.2% in 2021.
Fri, 30 Dec 2022 05:32 EST
[image]The price of gasoline continues to tick higher.
The nationwide price for a gallon of gasoline bumped up on Friday to $3.179, according to AAA.
The average price of a gallon of gasoline on Thursday was $3.159.
A year ago, the price for a gallon of regular gasoline was $3.285.
One week ago, a gallon of gasoline cost $3.096. A month ago, that same gallon of gasoline cost $3.495.
Gas hit an all-time high of $5.016 on June 14.
Diesel has been rising, but remains below $5.00 per gallon to $4.680, but that is still a far cry from the $3.571 of a year ago.
Fri, 30 Dec 2022 05:28 EST
[image]The dollar was on track for a winning year, getting a boost from the Federal Reserve.
The greenback is looking at its best performance in seven years, thanks to the Fed’s aggressive monetary policy tightening.
The U.S. dollar index, which measures the greenback against a basket of currencies, has surged more than 8% this year, the most since 2015. It was last firm at 103.99.
The Fed has raised rates by a total of 425 basis points since March to curb surging inflation.
The fact that the Fed may not have to continue raising so aggressively has led the dollar to a pullback, falling over 7% this quarter, according to Reuters
The Bank of Japan in the face of a hawkish Fed, has spelled pain for the Japanese yen. It has fallen more than 13% year to date.
The euro is on track for a more than 6% fall this year, pressured by a combination of weak eurozone growth, the war in Ukraine and the Fed’s hawkishness.
Fri, 30 Dec 2022 05:29 EST
[image]Gold prices were headed for a second consecutive yearly loss as aggressive rate hikes by the Federal Reserve cut into the bullion’s appeal.
Bullion was headed for an annual decline of 0.5% as the dollar emerged as the preferred safe-haven asset amid the Fed’s hefty interest rate hikes.
The rise in the dollar index made gold expensive for foreign currency holders.
Gold prices have risen nearly $200 from a more than two-year low hit in September and were on course for their best quarter since June 2020, on hopes that the Fed could slow its pace of rate hikes, according to Reuters.
The Fed raised interest rates by 50 basis points (bps) in December after four consecutive hikes of 75 bps each.
Silver and platinum were both headed for a yearly rise, while palladium was headed for an annual decline of over 4%.
Fri, 30 Dec 2022 05:15 EST
[Crypto Widget]Bitcoin was trading around $16,000, after snapping a four-day losing streak.
For the week, Bitcoin was trading lower by 1%.
For the month, the cryptocurrency was down nearly 3% and down 64% year-to-date.
Ethereum was trading around $1,100, after losing more than 1% in the past week.
Dogecoin was trading at 6 cents, after losing more than 7% in the past week.