STOCK MARKET NEWS: Futures rise, oil's down week, Queen Elizabeth remembered

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Stock futures continue rally to end week

U.S. futures were trading higher to end the week, continuing a rally into a third day. The major futures indexes suggest a gain of 0.8% when the trading session begins.

Oil headed for a second straight losing week. Both benchmarks were down about 4% for the week.

U.S. West Texas Intermediate crude futures traded around $83.00 a barrel, after climbing 2% in the previous session.

Brent crude futures slipped to around $89.00 a barrel, after rising 1.3% on Thursday.

In Asia, Japan’s benchmark Nikkei 225 rose 0.5%, Hong Kong’s Hang Seng jumped 2.7% and China’s Shanghai Composite added 0.8%.

On Thursday. investors heard from Fed Chair Jerome Powell who reaffirmed the central bank’s commitment to keep rates high as long as necessary to get inflation under control. Some market observers remain skeptical.

Stocks bounced back on Wall Street, keeping the major indexes on track for their first weekly gain in four weeks.

The S&P 500 rose 26.31 points, or 0.7%, to 4,006.18. The Dow swung from a 259-point loss to a gain of 193.24 points, closing at 31,744.52. The Nasdaq gained 70.23 points to 11,862.13. 

The yield on the 10-year Treasury, which influences interest rates on mortgages and other loans, was at 3.29% on Friday.

David Rubenstein warns inflation will be ‘difficult’ for the Fed to reduce

The U.S. economy is entering its second year of painfully high inflation.

Despite an aggressive interest rate campaign by the Fed and its chairman, Jerome Powell, prices may be slow to normalize, according to David Rubenstein, the billionaire investor and co-founder of The Carlyle Group.

In an interview last week, Rubenstein told FOX Business that he expects inflation to ease slightly by the end of the year, with the consumer price index likely dropping between 2% and 4%, depending on the Russian war in Ukraine and oil output by OPEC and OPEC+.

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Queen Elizabeth, known as a car enthusiast, honored by Jaguar Land Rover

Queen Elizabeth was known for many things that showed her identity. Her hats, her handbags, her horses and her love for cars – among other things.

Before becoming queen, the British monarch was a truck driver in the Auxiliary Territorial Service during World War II, and was known in healthier times to get behind the wheel of her Land Rover SUVs and go for a spin on one of the royal properties.

The British automaker saluted the queen in a tweet on Thursday saying, “The passing of Her Majesty The Queen has left everybody at Jaguar Land Rover deeply saddened, and our thoughts and condolences are with the Royal Family at this time.”

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Intel breaks ground

Intel will break ground today for its new computer chip facility in suburban Columbus, Ohio.

President Biden will be there for the event. In his State of the Union address last March, Biden envisioned the Intel plant as a model for a U.S. economy that revolves around technology, factories and the middle class. 

Intel had delayed groundbreaking on the $20 billion plant until Congress passed the bipartisan CHIPS and Science Act.

Oil’s losing week

Oil prices headed for a second straight losing week. Both benchmarks were down about 4% for the week.

The market actually hit its lowest level since January at one point.

U.S. West Texas Intermediate crude futures traded around $83.00 a barrel, after climbing 2% in the previous session.

Brent crude futures slipped to around $89.00 a barrel, after rising 1.3% on Thursday.

The concern remains central banks’ aggressive rate hikes and China’s COVID-19 curbing demand.

The U.S. Energy Information Administration on Thursday said it expected U.S. crude output to rise by 540,000 barrels per day to 11.79 million bpd in 2022, down from an earlier forecast for a 610,000 bpd increase.

Gasoline price continues downward trend

The average price of a gallon of gasoline slipped on Friday to $3.738, according to AAA. Thursday’s price was $3.751. 

Gas has been on the decline since hitting a high of $5.016 on June 14.

Analysts and traders say wholesale gasoline prices are expected to keep falling in coming months as U.S. refiners overproduce fuel to try to rebuild low stocks of diesel and heating oil.

Diesel’s price slipped to $5.029 per gallon.

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

Bitcoin was jumping by 7% around $20,000, in a rebound after trading lower in three of the last four days.

For the week, Bitcoin was trading lower by nearly 4% for the week as well as the month.

The cryptocurrency is down more than 58% year-to-date.

Ethereum was trading around $1,700 after gaining 3% in the past week.

Dogecoin was trading around 6 cents, after losing 2% in the past week.