The national average price for regular gasoline now stands at $4.483 per gallon, up from $4.176 just one week ago. In less than two weeks, gas prices have surged 11%, putting them within striking distance of the all-time AAA record of $5.016 set on June 14, 2022.
London's Footsie is in a footloose mood again, with higher metals prices buoying mining stocks and corporate results from financial giants surprising on the upside. The index has scaled fresh heights in early trade, with investors showing enthusiasm for London-listed stocks amid global uncertainty.
The markets are seeing green across the board amid a near Goldilocks scenario in the economy. The latest jobs report reveals that conditions are neither too not nor too cold, with 130,000 jobs added last month, surpassing economist's most bullish of estimates, while the unemployment rate edged lower to a surprising 4.3% from 4.4% month-over-month. What it means for the Fed and interest rates will depend largely on the latest inflation data, with the CPI due out at the end of the week.
Shell is considering fossil fuel investments in Venezuela worth billions of dollars, according to its chief executive. Wael Sawan said Europe's largest oil company is weighing plans for production projects off the Venezuelan coast that could begin yielding gas in the next couple of years. These are opportunities that could potentially be activated within months, he told CNBC, adding that the company was now awaiting approvals.
Thanks to strong earnings reports, investors are still shrugging off trade war fears and the fact that the U.S. government is now in its third week of a shutdown. Futures are up across the board, with Dow futures up 182 points. The Nasdaq is up about 141, as the S&P 500 tacks on about 27 points. The Vanguard S&P 500 ETF ( NYSEMKT: VOO) is also showing big signs of life thanks to impressive earnings.
Chinese President Xi and U.S. President Trump aren't talking face to face yet, but they are talking person to person on the phone. At this very moment, reports CNBC, a call is in progress to discuss whether China will permit a controlling interest in TikTok's U.S. operations to be sold to a consortium of U.S. companies led by Oracle ( NYSE: ORCL), and whether TikTok will be permitted to continue operating here - or forced to shut down.
As CNBC reports, ADP's private payrolls report issued this morning shows that private employers added 54,000 net new jobs last month, about one-third worse than the 75,000 positions economists had predicted, and barely half the 106,000 jobs added in July. This is bad news for the economy, but arguably good news for stock traders hoping to see the Federal Reserve cut its target interest rate at the FOMC meeting two weeks from now. And because rate cuts are generally considered "good" for making the stock market rise, investors don't seem too upset by today's bad employment news.
Google dodged a breakup that would have included selling its Chrome browser after a judge ruled against the government's toughest proposals in the biggest antitrust case in three decades. The decision was also a big win for Apple, as Google will still be allowed to pay its partners. Apple gets about $20 billion a year for making Google search the default on iPhones. Alphabet shares rallied 8%, touching a record high; Apple rose 2%.
The latest U.S. Department of Labor report showed nonfarm jobs grew by 139,000 in May, contrasting sharply with ADP’s earlier report of only 37,000. This discrepancy raises questions about the accuracy of employment data.
