STOCK MARKET NEWS: Inflation latest, stocks jump as yields fall, FTX in freefall
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incoming update…Elon Musk to Twitter workers…Elon Musk tells Twitter workers the work from home trend may be coming to an end, according to reports.
TECHNOLOGYElon Musk warns Twitter employees of difficult times ahead,’ ends remote work: reportTwitter owner Elon Musk informed employees of new changes he would be bringing to the office, including the discontinuation of remote work and a required 40-hour work week.
Posted by FOX Business Team ShareBreaking News Stocks soar after inflation dataDow Jones Averages.$33234.18
NYSE Traders (AP)
U.S. stocks soared after Octobers consumer inflation data eased slightly, a sign that could suggest rising prices are peaking. In response, the 10-year Treasury yield fell below 4% in a sharp reversal. U.S. West Texas Intermediate (WTI) crude futures were trading around $85.00 a barrel. Brent crude futures traded around $92.00 a barrel.
WTI is down more than 7% this week.Posted by FOX Business Team ShareBreaking News October’s CPIInflation for October at the consumer level eased a bit but remains near a 40-year high.
ECONOMYInflation holds grip on US economy in October as prices remain stubbornly highThe Labor Department released the latest inflation data set on Thursday, revealing just how hot consumer prices ran in October as the Fed tries to cool the economy.
Posted by FOX Business Team ShareCryptocurrencies stabilize after FTX deal turmoilCryptocurrency prices stabilized Thursday morning after a tumultuous couple of days sparked by news surrounding the collapse of a deal involving FTX Trading.
Crypto exchange Binance announced it was pulling out of a deal to purchase the failing rival.
The turmoil sent cryptocurrencies reeling.
The price of bitcoin plunged more than 15% on Wednesday to $15,840, according to CoinDesk. The cryptocurrency fell for four straight days, dropping more than 26% during that time.
Bitcoin was trading around $16,000 Thursday morning.
Ethereum was trading around $1,200, after dropping more than 15% in the past week.
Dogecoin was trading around 8 cents, after losing 37% in the past week.
Continue readingPosted by Ken Martin ShareGasoline price slips slightlyGas Prices (AAA)
The nationwide price for a gallon of gasoline slipped Thursday to $3.803, according to AAA.
The average price of a gallon of gasoline on Wednesday was $3.805.
One week ago, a gallon of gasoline cost $3.778. A month ago, that same gallon of gasoline cost $3.919.
Gas hit an all-time high of $5.016 on June 14.
Diesel gained to $5.362.Posted by Ken Martin Share Oil whipsaws ahead of inflation reportOil rigs pumping (Jonathon Acorn – Reuters)
Oil prices bounced around Thursday, following three days of declines as the impact of renewed COVID curbs in China weighed and traders await U.S. inflation data that may give direction on further interest rate increases.
U.S. West Texas Intermediate (WTI) crude futures were trading around $85.00 a barrel.
Brent crude futures traded around $92.00 a barrel.
WTI is down more than 7% this week.
Brent prices have dropped more than 6%.
Consumer price index (CPI) data for the United States will be released later on Thursday that is expected to show a slowdown in the inflation rate for both the monthly and yearly core numbers.
That may have an impact on the size of futures interest rate hikes by the Federal Reserve.
Oil prices were also under pressure after a big build in U.S. crude inventories reported on Wednesday.Posted by Ken Martin Share
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