Stocks Rise as Powell Sees, Bond Yields Fall, Oil at $106: Live Updates

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stock inch up

Code price they change % change
WBA USD 41.31 +0.86 + 2.13%
Mrk USD 90.98 +1.84 + 2.07%
CVX $147.82 -0.28 -0.19%
XOM USD 88.22 +0.38 + 0.44%

US stocks made early gains as Federal Reserve Chairman Jerome Powell testified on Capitol Hill for a second day after acknowledging that a recession may be difficult to avoid. The Dow Jones Industrial Average took the lead with the help of Walgreens and Merck. In commodities, oil was hovering around $106 a barrel before a major White House meeting with top energy executives including Chevron and ExxonMobil.

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FDA Watch Jul

The FDA is preparing to ban Juul, according to The Wall Street Journal. Altria About 35% of the vape maker.

oil check

The price of US oil settled at $106 a barrel.

Decreased unemployment claims

Jobless claims increased slightly by 2,000 to 229,000 while continuing claims remained at 1.315 million indicating that the number of Americans filing for unemployment remained flat.

A quick look at futures contracts

US stock futures It was higher on Thursday, the day after the Fed Chairman Jerome Powell told a Senate committee The US central bank’s war on inflation may force policy makers to raise interest rates that far drag the US economy in stagnation.

Powell will testify before House Financial Services Commission Thursday.

while, Oil prices were lower
West Texas Intermediate crude futures were trading at around $106 a barrel while Brent crude futures were trading at around $111.50 a barrel.

Stock futures warned ahead of Powell’s Fed testimony

US stock futures traded cautiously higher Thursday morning the next day Federal Reserve The US central bank chief said the central bank wants to avoid causing a recession, but one is possible because it raises interest rates to cool high inflation.

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powell chapter two

Federal Reserve Chairman
Jerome Powell returns to Capitol Hill
to testify before the House Financial Services Committee as part of its regular semi-annual update of monetary policy.

On Wednesday, Powell appeared before the Senate Banking Committee. Powell pledged that Fed officials would continue to raise interest rates until they saw “compelling evidence” that inflation had begun to ease from its highest level in 40 years.

Gas prices continue to slide

The price of a gallon of regular gasoline fell Thursday morning to $4.94, according to AAA. On Wednesday, the price was at $4,955. Gas was down for six consecutive days. Diesel also fell to $5.808 from $5.812.

Oil prices extend losses

Oil prices added to losses from the previous session on Thursday, falling more than 2% as investors worried that sharp increases in US interest rates could lead to a recession and weaken fuel demand.

US 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.

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Bitcoin bounce

Bitcoin got back above $20,000 Thursday morning, after dropping below that level the day before. heading to Thursday, Bitcoin is trading down In 14 of the last 16 days. The cryptocurrency has been down over 37% month-to-date and is down more than 57% since the beginning of the year.

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 priced at 6 cents.