Breaking news
Shares rise by inches, bond yields fall
Symbol PriceChange% ChangeWBA $ 41.31 + 0.86 + 2.13% MRK $ 90.98 + 1.84 + 2.07% CVX $ 147.82-0.28-0.19% XOM $ 88.22 + 0, 38 + 0.44%
U.S. equities saw early gains as Federal Reserve Chairman Jerome Powell told Capitol Hill for a second day after acknowledging that a recession could be difficult to avoid. The Dow Jones Industrial Average took the lead helped by Walgreens and Merck. In commodities, oil stood at $ 106 a barrel ahead of a key White House meeting with top energy executives such as Chevron and ExxonMobil.
The 10-year Treasury yield fell to 3,087.
Developing history
FDA Watch Juul
The Food and Drug Administration is preparing to ban Juul’s according to the Wall Street Journal. Altria owns about 35% of the vaporizer manufacturer.
Oil control
U.S. oil remained at $ 106 a barrel.
Unemployment demands are falling
Unemployment claims rose slightly between 2,000 and 229,000, while continued claims remained at 1.315 million, indicating that the number of Americans seeking unemployment remained stable.
Futures at a glance
U.S. stock futures are higher Thursday, a day after Federal Reserve Chairman Jerome Powell told a Senate committee that the U.S. central bank’s war on inflation could force those responsible politicians to raise interest rates so high that they are dragging the US economy into a recession.
Powell will testify Thursday before the House Financial Services Committee.
Meanwhile, oil prices were lower, with West Texas Intermediate crude futures trading at around $ 106 a barrel, while Brent crude futures were trading at about $ 111.50 a barrel.
Stock futures are cautious in the face of continued Fed Powell testimony
US equities traded cautiously on Thursday morning a day after the Federal Reserve chairman said the US central bank wants to avoid a recession, but it is possible as it raises interest rates. interest in cooling rising inflation.
Keep reading
Powell, chapter two
Fed Chairman Jerome Powell returns to Capitol Hill to testify before the House Financial Services Committee as part of its regular half-yearly update on monetary policy.
On Wednesday, Powell appeared before the Senate Banking Committee. Powell has promised that Fed officials will continue to raise interest rates until they see “convincing evidence” that inflation is starting to cool from the current 40-year high.
Gas prices continue to fall
The price of a gallon of regular gasoline fell to $ 4.94 on Thursday morning, according to AAA. Wednesday’s price was $ 4.955. The gas has been down for six days in a row. Diesel also dropped to $ 5.808, from $ 5.812.
The price of oil prolongs the losses
Oil prices rose from a loss of more than 2% on Thursday, as investors worried that aggressive US interest rate hikes could lead to a recession and reduce demand. of fuel.
U.S. West Texas Intermediate (WTI) crude oil futures fell to $ 105 a barrel. Brent crude futures fell to $ 110 a barrel.
Both benchmarks fell about 3% on Wednesday to reach their lowest levels since mid-May.
Keep reading
Bitcoin bounces
Bitcoin was again above $ 20,000 on Thursday morning, after falling below that level the day before. Looking ahead to Thursday, Bitcoin is down 14 in the last 16 days. The cryptocurrency fell more than 37% to date and a drop of more than 57% to date.
Bitcoin is down more than 70% from its all-time high of $ 67,802.30 in November.
Ether was trading around $ 1,000. Dogecoin was at 6 cents.