STOCK MARKET NEWS: Powell speech, futures slide, oil rises

Fed’s Powell in Jackson Hole spotlight with speculation on rates

It may be considered Jerome Powell’s most significant speech of the year.

The Federal Reserve chairman’s remarks to investors and economists will be the marque event at the Fed’s annual symposium at Jackson Hole. People will be looking for clues on where the Fed is heading on interest rates, mainly how big and for how long.

Continue reading

Oil heads for winning week

Oil prices rose Friday on signs of improving fuel demand.

The market is waiting for clues from the Federal Reserve chairman on the outlook for rate hikes in a speech later in the day.

West Texas Intermediate futures traded around $93.00. Brent crude futures were around $100.00 a barrel.

Both contracts slumped about $2 on Thursday.

The benchmark oil contracts are on track for gains of around 3% for the week.

Regular gasoline continues to move lower while diesel rises

The average price of a gallon of gasoline
slipped on Friday to $3.869, according to AAA. Thursday’s price was $3.878. 

The price dropped below $4 for the first time since March more than a week ago, when the price fell to $3.99. Gas has been on the decline since hitting a high of $5.016 on June 14.

Diesel has gained for a third straight day at $5.014 per gallon.

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were lower Friday morning

Bitcoin was trading at around $21,000, after snapping a two-day winning streak.

Bitcoin is off more than 9% month-to-date and down more than 53% year-to-date.

Ethereum was trading at approximately $1,600. Dogecoin was trading at 6 cents.

Leave a Comment