STOCK MARKET NEWS: Futures weak, British pound falls, gasoline rises


Stock futures are trading lower to start the week

US stock futures fell on Monday. After another brutal week for stocks.

Major futures indexes offered a 0.1% drop at the start of trading on Wall Street.

The Dow Jones Industrial Average briefly hit a bear market on Friday before recovering slightly from a 700-point decline. The average is currently at its lowest level since November 2020. That sent the S&P 500 and Nasdaq Composite back to June lows, ending a second week of losses.

Oil prices fell for a second day on Monday as fears of reduced fuel demand from an expected global recession, rising global interest rates and a rising U.S. dollar limited the ability of non-dollar consumers to buy crude.

US West Texas Intermediate (WTI) crude oil futures were bought around $77.00 per barrel.

Brent oil futures were bought at around $85.00 per barrel.

Asian stocks fell and the British pound fell further on Monday, reflecting pessimism about efforts by central banks around the world to curb inflation.

Japan’s Nikkei 225 index lost 2.6%, Hong Kong’s Hang Seng index lost 0.4%, and China’s Shanghai Composite index lost 1.2%.

Wall Street ended last week with a broad selloff, leaving the major indexes with their fifth loss in six weeks.

The S&P 500 fell 1.7% to 3,693.23 on Friday, its fourth straight decline. The Dow index, which fell more than 800 points at one point, lost 486.27 points or 1.6% to close at 29,590.41. The Nasdaq fell 1.8% to 10,867.93.

The British pound has fallen to a four-decade low

Sterling fell to a 40-year low on Monday amid speculation that the new government’s economic plan would push its finances to the limit.

The pound fell as low as $1.0349 per US dollar early Monday, but then fell 2.3% to $1.0671.

The euro also hit a 20-year low against the dollar on fears of a recession as the energy crisis stretched into winter amid an escalation in the Ukraine war.

Sterling fell 3.61% on Friday.

Gasoline has been rising for the sixth day

The average price of a gallon of regular gasoline in the US is getting stronger.

The price rose to $3,725 on Monday from $3,417 on Sunday, according to AAA.

After falling for nearly 100 days in a row during the summer driving season, the price started to rise again last week.

That makes six straight days of gains that began Wednesday morning, when the price rose to $3,681 from $3,674 the previous day.

The average price for the week was $3,678. A year ago it was $3,188.

Amazon will hold a sales event in mid-October

Amazon will hold another shopping event like Prime Day in October.

The company is the latest major retailer to offer holiday deals earlier this year in a bid to attract cautious consumers dealing with tighter budgets.

According to Associated Press, the event will be held on October 11 and 12.

The event will mark the first time Amazon has held a major sales event twice a year, following its annual Prime Day in July.

It’s an acknowledgment that Amazon needs to offer more deals to cash-strapped consumers in what’s expected to be a tough holiday shopping season for retailers.

Oil prices fall on recession fears

Oil prices fell for a second day on Monday as fears of reduced fuel demand from an expected global recession, rising global interest rates and a rising U.S. dollar limited the ability of non-dollar consumers to buy crude.

US West Texas Intermediate (WTI) crude oil futures were bought around $77.00 per barrel.

Brent oil futures were bought at around $85.00 per barrel.

Both contracts fell nearly 5% on Friday to their lowest level since January.

The dollar index, which measures the dollar against a basket of major currencies, rose to a 20-year high on Monday. A strong dollar tends to reduce demand for dollar-denominated oil because buyers using other currencies must spend more to buy crude oil.

Reuters contributed to this article.

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were mostly up on Monday morning

Bitcoin was trading around $18,000 after a week of losing 3%.

The cryptocurrency fell by more than 6% during the month, and by more than 59% during the year.

Ethereum was trading around $1,200 after a week of losing 3%.

Dogecoin was trading at 6 cents after a week of gains of over 6%.



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