Breaking news
Shares are higher inches, bond yields are falling
Symbol price change% 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. stocks made early gains after Federal Reserve Chairman Jerome Powell testified on Capitol Hill for a second day after acknowledging that a recession could be hard to avoid. The Dow Jones Industrial Average took the lead, supported by Walgreens and Merck. For commodities, oil was hovering at $ 106 a barrel ahead of a key White House meeting with leading energy executives, including Chevron and ExxonMobil.
Yields on 10-year bonds fell to 3,087.
An evolving story
FDA Watch July
The Food and Drug Administration is preparing to ban Juul’s, according to the Wall Street Journal. Altria owns about 35% of the vape manufacturer.
Check the oil
US oil stays at $ 106 a barrel.
Decrease in applications for the unemployed
Unemployment claims rose slightly from 2,000 to 229,000, while ongoing claims stood at 1.315 million, indicating that the number of Americans applying for unemployment remains stable.
Futures at a glance
US stock futures are higher on Thursday, a day after Federal Reserve Chairman Jerome Powell told a Senate committee that the US Federal Reserve’s war on inflation could force politicians to raise interest rates so high as to drag the US economy into recession.
Powell will testify before the House Financial Services Commission on Thursday.
Oil prices, meanwhile, were lower, with West Texas Intermediate oil futures trading at about $ 106 a barrel, while Brent oil futures were trading at about $ 111.50 a barrel.
Equity futures are cautious ahead of the Fed’s continuing testimony
US stock futures traded cautiously higher on Thursday morning, a day after the Federal Reserve chairman said the US Federal Reserve wanted to avoid causing a recession, but it is possible as it raises interest rates to cool rising inflation.
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Powell Chapter Two
Fed Chairman Jerome Powell is returning to Capitol Hill to testify before the House Financial Services Commission as part of his regular semi-annual monetary policy update.
Powell appeared before the Senate Banking Committee on Wednesday. Powell has vowed that Fed officials will continue to raise interest rates until they see “convincing evidence” that inflation is starting to decline 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 decreases for six consecutive days. Diesel also fell to $ 5,808 from $ 5,812.
Oil prices increase losses
Oil prices added losses from the previous session on Thursday, falling by more than 2% as investors worried that a sharp rise in US interest rates could cause a recession and reduce fuel demand.
West Texas Intermediate (WTI) crude futures fell to $ 105 a barrel. Brent oil futures fell to $ 110 a barrel.
Both benchmarks fell about 3% on Wednesday, reaching their lowest levels since mid-May.
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Bitcoin bounce
Bitcoin returned over $ 20,000 on Thursday morning after falling below that level the day before. On Thursday, bitcoin traded down in 14 of the last 16 days. Cryptocurrency has fallen by more than 37% so far this month and by more than 57% since the beginning of the year.
Bitcoin fell more than 70% from its record high of $ 67,802.30 set in November.
Ether was trading for about $ 1,000. Dogecoin was at 6 cents.
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