STOCK MARKET NEWS: Futures add to declines, oil's losing week

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Stock futures fall on rate hike, recession concerns

U.S. equity futures are adding to losses following three days of declines after more rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession.

The major futures indexes suggest a decline of 0.8% when Wall Street begins trading.

The yield on the 10-year Treasury, which influences mortgage rates, was at 3.68% on Friday.

Oil prices fell Friday amid recession fears and a stronger U.S. dollar, though losses were capped by supply concerns.

West Texas Intermediate (WTI) crude futures were trading around $83.00.

Brent crude futures traded around $89.00 per barrel.

For the week the contracts for TWI and Brent were down 2.3% and 1.5% respectively.

In Asia, Hong Kong’s Hang Seng sank 1.2% and China’s Shanghai Composite Index lost 0.7%. Japanese markets were closed for a holiday.

The S&P 500 lost 0.8% on Thursday to 3,757.99. The Dow Jones Industrial Average fell 0.4% to 30,076.68 and the Nasdaq composite slid 1.4% to 11,066.81.

Apple Music to sponsor Super Bowl halftime show replacing Pepsi

This season’s Super Bowl halftime show will have a new sponsor.

The National Football League announced on Thursday that Apple Music is the new partner for the Super Bowl Halftime Show.

The multi-year partnership will begin with Super Bowl LVII, which will be played on Sunday, Feb. 12, 2023 in Glendale, Arizona.

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Costco profit, revenue top estimates

Costco hares traded 3% lower in premarket trading as operating expenses rose due to higher labor and freight costs.

The big-box retailer beat Wall Street revenue and profit estimates.

Fiscal fourth total revenue rose 15% to $72.10 billion. The analysts’ average estimate was $72.04 billion.

Comparable sales grew 13.7%, with e-commerce up 7.1%. U.S. sales were 15.8%.

Gasoline price continues to climb

The average price of a gallon of gasoline gained again on Friday to $3.689, according to AAA. Thursday’s price was $3.684, rising for the third day in a row after nearly 100 days of declines.

Gas hit a high of $5.016 on June 14. 

Diesel’s price slipped to $4.911 per gallon.

Oil falls on recession fears

Oil prices fell Friday amid recession fears and a stronger U.S. dollar, though losses were capped by supply concerns.

West Texas Intermediate (WTI) crude futures were trading around $83.00.

Brent crude futures traded around $89.00 per barrel.

For the week the contracts for TWI and Brent were down 2.3% and 1.5% respectively.

Central banks around the world raised interest rates this week, raising the risk of economic slowdowns.

Bitcoin, Ethereum and Dogecoin trade mixed Friday morning

Bitcoin was trading at around $19,000, after snapping a four-day losing streak.

For the week, Bitcoin was lower by more than 1%. For the month, the cryptocurrency is down more than 4%.

Bitcoin is down more than 58% year-to-date.

Ethereum was trading at $1,300, after losing 10% in the past week.

Dogecoin was trading at 6 cents, gaining just over 1% in the past week.