Latest Market News: Jobs data, Tesla Annual mtg., Biogen CEO out
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Charles Schwab chief investment strategist Liz Ann Sonders discusses how the Fed can cool inflation on 'The Claman Countdown.'
Constellation Research CEO Ray Wang discusses sliding oil prices, unionization efforts at Amazon and advice for new investors.
FOX Business' Stuart Varney and Lauren Simonetti analyze the current state of the market.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| AAL | $18.56 | -0.21 | -1.12% |
JOLTS or Job Openings and Labor Turnover Survey
The Labor Department said Tuesday that 4.5 million Americans, or about 3% of the workforce, quit their jobs in March. That's up from 4.4 million in February and just slightly tops the previous record notched in November. By comparison, pre-pandemic levels typically hovered around 3.6 million.
Meanwhile, the number of job openings rose to 11.5 million by the end of March.
"Biogen announced today that it has begun a search for a new Chief Executive Officer. Michel Vounatsos will continue to serve as Chief Executive Officer and on the Company’s Board of Directors until his successor is appointed. Mr. Vounatsos has served as the Company’s Chief Executive Officer since his appointment in January 2017" the company disclosed as it released quarterly earnings.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| TSLA | $902.94 | +32.18 | +3.70% |
Cryptocurrency prices were mixed early Tuesday morning
Bitcoin was attempting a comeback Tuesday morning after dropping around 5% overnight.
Overall, cryptocurrency was mixed early Tuesday, with Bitcoin trading at approximately $38,605 (-0.54%), ethereum trading at approximately $2,850 (+0.49%) and Dogecoin trading at 13.13 cents per coin, higher by 0.22%, according to Coindesk.
A leading online brokerage firm is diving head-first into the world of cryptocurrencies and the rapidly expanding business of crypto trading, FOX Business has learned.
Firstrade Securities, a New York based commission-free trading firm, has become the first major institutional brokerage to add crypto trading to its platform, offering 37 tokens in total, including industry giants like Bitcoin, Ethereum and Cardano to smaller, up-and-coming players like Dogecoin and Shiba Inu.
The move comes at a time when institutional firms are starting to transition away from traditional securities on behalf of investors looking to diversify their portfolios, taking a chance on the future of crypto and adding some of the hottest names in the industry to their balance sheets.
The Biden administration will allocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufacturing, U.S. officials said on Monday.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| TSLA | $902.94 | +32.18 | +3.70% |
| GM | $38.45 | +0.54 | +1.42% |
| F | $14.27 | +0.11 | +0.78% |
The Biden administration will allocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufacturing, U.S. officials said on Monday.
The funds will be allocated by the U.S. Department of Enllocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufactuergy from the $1 trillion infrastructure bill Biden signed last year.
Among the initiatives will be processing of minerals for use in large-capacity batteries and recycling those batteries, the agency said in a statement.
Biden wants half of vehicles sold to be electric by 2030, a goal he hopes will boost unionized manufacturing jobs in key election battleground states, thwart Chinese competition in a fast-growing market and reduce climate-changing carbon emissions.
U.S. stocks whipsawed early Tuesday morning as first-quarter earnings reports continue to be released this week.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $33,061.50 | +84.29 | +0.26% |
| SP500 | $4,155.38 | +23.45 | +0.57% |
| I:COMP | $12,536.02 | +201.38 | +1.63% |
U.S. stocks whipsawed early Tuesday morning as first-quarter earnings reports continue to be released this week.
So far, 292 stocks in the S&P 500, or nearly 60% of the benchmark index, have posted January through March results. The numbers are mostly well ahead of forecasts.
Several earnings are on deck for Tuesday, including Marathon Petroleum, Pfizer, DuPont, Biogen, Molson Coors, Rockwell Automation and Hilton Worldwide to name a few.In the afternoon, watch for Prudential Financial, AIG, Starbucks, AMD, Airbnb, Herbalife, Akamai Technologies and Lyft among others.I
nvestors also are expecting another rate hike by the U.S. Federal Reserve as it and other central banks accelerate efforts to curb inflation. The central bank is expected to raise short-term interest rates by double the usual amount when it releases its latest statement on Wednesday.
It has already raised its key overnight rate once, for the first time since 2018. Wall Street is also expecting several big hikes in coming months.
Gasoline prices rose a penny overnight, according to AAA. (Courtesy gasprices.aaa.com)
The average price for a gallon of gasoline in the U.S. rose one full cent on Tuesday to $4.204, according to the latest numbers from AAA.
The price on Sunday was $4.194 and the average price for a gallon of gasoline on Saturday was $4.178.
The record high was $4.33, set on Friday March 11, 2022.
Where will home prices go after the impending Fed rate hike? An expert tells 'Mornings With Maria.'
First American Financial Corporation chief economist Mark Fleming discussed where he believes home prices are going amid expected rate hikes from the Federal Reserve as a way to tame surging inflation.
Fleming, who leads an economics team responsible for analyzing and forecasting trends in the real estate and mortgage markets, weighed in on current mortgage rates during an interview with "Mornings with Maria."
His appearance on FOX Business comes as inflation accelerated to a new four-decade high in March and price hikes were widespread with shelter costs increasing 5% year-over-year and jumping 0.6% for the month.
Last month, the Labor Department said that the consumer price index (CPI) – which measures a bevy of goods including gasoline, health care, groceries and rents – rose 8.5% in March from a year ago, the fastest pace since December 1981, when inflation hit 8.9%. Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005.
Mortgage rates dropped for the first time in seven weeks, according to latest data from Freddie Mac, with the 30-year fixed-rate mortgage falling to 5.1% as of April 28. Though the rates edged down slightly, they remain significantly higher compared to the same time last year.
Oil prices edged lower early Tuesday as expectations of an EU oil ban counter weak economic data.
Oil prices edged lower early Tuesday as expectations of an EU oil ban counter weak economic data.
Brent crude oil fells 0.6% to $106.91 a barrel, while WTI declines 0.5% to $104.68 a barrel.
EU proposals to ban purchases of Russian oil by the end of the year are expected to be circulated among member states Tuesday, the Wall Street Journal reported.
Weak U.S. economic data Monday however are adding to pressure on prices.The ISM manufacturing PMI showed activity slowed in April thanks to supply chain issues and high input costs.
"Oil remains supported as the EU appeared to progress on a Russian crude import ban. But further gains will be limited," said SPI Asset Management in a note
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