LIVE UPDATES: Stocks rebound, oil higher, economic reports slated

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incoming update…Futures at a glanceU.S. stock futures are rebounding on Monday after traders went on a selling frenzy last week following another interest rate hike from the U.S. Federal Reserve.

The Dow Jones Industrial Average futures is up roughly 60 points, or 0.18%, while the S&P and Nasdaq futures are approximately 0.28% and 0.38% higher, respectively.

Over the last five days, the Dow remains down near 3.06%, the S&P is off nearly 3.28% and the tech-heavy Nasdaq is roughly 3.70% lower.

Pre-market, key retail stocks are gaining ground ahead of the holidays with Nike up approximately 4.2%, Best Buy is almost 1.16% in the green, while Macys is roughly 0.39% in positive territory.  

Tech shares are up and down on Monday as the Nasdaq struggles for gains with Meta off nearly 1.76% pre-market, Apple is up approximately 0.42%, and Microsoft is up around 0.40% in the green.

In commodities, West Texas Intermediate crude futures spiked 0.81% to $74.89 a barrel, as gold jumped 0.11% to $1,802.10 an ounce.Posted by FOX Business Team ShareBitcoin, Ethereum, Dogecoin all lower early Monday morningBitcoin, Ethereum and Dogecoin were all lower heading into Monday’s workweek. (Getty Images)

Cryptocurrency prices were lower early Monday.

At approximately 4:45 a.m. ET, Bitcoin was trading at nearly $16,765 (-0.08%), or lower by $13.

For the week, Bitcoin was trading lower by nearly 1.85%. For the month, however, the cryptocurrency was higher by nearly 0.5%.

Ethereum was trading at approximately $1,185.10 (-0.13%), or lower by about $1.7.

For the week, Ethereum was trading lower by slightly more than 6%.

For the month, it was trading lower by approximately 2.15%.Dogecoin was trading at $0.077945 (-1.18%), or lower by approximately $0.000933. 

For the week, Dogecoin was lower by almost 15%. For the month, the crypto was lower by nearly 6.65%.Posted by FOX Business Team ShareGas, diesel prices continue to drop heading into new weekGas prices continue to slip after reaching an all-time high on June 14 of $5.016. (gasprices.aaa.com)

The nationwide price for a gallon of gasoline slipped Monday to $3.142, according to AAA. On Sunday, the price stood at $3.149, while on Saturday, the price was $3.159. A year ago, the price for a gallon of regular gasoline was $3.307.

One week ago, a gallon of gasoline cost $3.262. A month ago, that same gallon of gasoline cost $3.684.

Everyone remembers when gas hit an all-time high of $5.016 on June 14.

Diesel has slipped below $5.00 per gallon to $3.766, dropping more than 2 cents overnight, when it was selling for $4.778. 

A week ago, diesel prices nationwide cost $4.917. A month ago, that same gallon of diesel cost $5.316.Posted by FOX Business Team ShareHousing market dominates economic reports this weekHousing market dominates economic reports this week with reports on homebuilder sentiment, housing starts and building permits due. (Associated Press)

Economic reports will dominate the news this coming week as we can expect reports on the troubled housing market beginning Monday with the homebuilder sentiment index and ending Friday with a flurry of data, notably personal income and spending for November, which includes the Federal Reserves favorite inflation gauge.

Keep an eye out for the Housing Market Index for December on Monday at 10 a.m. ET. This closely followed gauge of homebuilder sentiment is anticipated to rise a point to 34. Thats up from a 10-year low of 33 in November, indicating only one-third of NAHB members regard conditions as good. 

It would mark the first increase in a year, following a record 11 consecutive monthly declinesas high inflation and soaring mortgage rates hurt buyer traffic and home sales. 

Other reports to watch this week are housing starts and building permits on Tuesday and existing home sales on Wednesday. All reports are for the month of November.

Additional reports expected on Thursday include figures on the final third-quarter gross domestic product as well as jobless claims.

Closing out the week will be a report on new homes sales for November on Friday.Posted by FOX Business Team ShareStocks higher heading into Monday morning after two straight weeks of lossesAfter two straight weeks of losses for the first time since September, investors are hopeful the holiday season will bring better stock market news. (Associated Press)

SymbolPriceChange%ChangeI:DJI $32,920.46-,281.76-0.85SP500$3,852.36-43.39-1.11I:COMP$10,705.41-,105.11-0.97

U.S. stocks turned higher overnight after whipsawing earlier in the morning following two straight weeks of losses for the first time since September and weary investors trying to shake off recession fears. 

Wall Street fell Friday after the Fed raised its forecast of how long interest rates have to stay elevated to cool inflation that is near a four-decade high. The European Central Bank warned more rate hikes are coming. 

Wall Streets benchmark S&P 500 index turned in its second weekly decline after losing 1.1% to 3,852.36 on Friday for its third daily drop. It is down about 19% so far this year. 

The Dow Jones Industrial Average dropped 0.8% to 32,920.46. The Nasdaq composite lost 1% to 10,705.41. More than 80% of stocks in the benchmark S&P 500 fell. Technology and health care stocks were among the biggest weights on the market.

Microsoft fell 1.7% and Pfizer slid 4.1%. U.S. inflation has eased to 7.1% over a year earlier in November from Junes 9.1% high but still is painfully high. 

The Fed on Wednesday raised its benchmark short-term lending rate by one-half percentage point for its seventh hike this year. That dashed hopes the U.S. central bank might ease off increases due to signs inflation and economic activity are cooling. 

The federal funds rate stands at a 15-year high of 4.25% to 4.5%. The Fed forecast that will reach a range of 5% to 5.25% by the end of 2023. Its forecast doesnt call for a rate cut before 2024. 

Meanwhile, Asian stock markets fell again Monday as investors wrestled with fears the Federal Reserve and European central banks might be willing to cause a recession to crush inflation. Shanghai, Tokyo, Hong Kong and Sydney declined. 

The Nikkei 225 in Tokyo sank 1.1% to 27,218.28 and the Hang Seng in Hong Kong shed 0.7% to 19,316.58. The Kospi in Seoul retreated 0.4% to 2,350.27 and Sydneys S&P-ASX 200 was 0.2% lower at 7,137.00. Singapore advanced while New Zealand and other Southeast Asian markets declined.Posted by Associated Press ShareOil rises as China recovery, US buyback plan brighten outlookThe US Department of Energy announced Friday it will begin repurchasing crude oil for the Strategic Petroleum Reserve for delivery in February 2023. (Getty Images)

SymbolPriceChange%ChangeUSO$64.90-1.25-1.89CVX$168.72-2.32-1.36XOM$104.70-0.74-0.70

Oil rose on Monday as the prospect of demand recovery, led by China’s loosening of COVID-19 curbs and the United States’ decision to buy back oil for its state reserves, gained the upper hand over global recession fears. 

Brent crude futures gained 42 cents, or 0.5%, to $79.46 a barrel by 0753 GMT while U.S. West Texas Intermediate crude was at $74.67, up 38 cents, or 0.5%.

Both benchmarks plunged more than $2 a barrel last Friday, following hawkish remarks from U.S. and European central banks on interest rate hikes that sparked worries of possible recession. 

China, the world’s top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions. 

“Despite a surge in COVID cases, the reopening optimism and accommodative policy improve oil’s demand outlook,” CMC Markets analyst Tina Teng said. 

China’s abrupt end to its “dynamic zero” COVID policy is breathing new life into its ailing aviation sector, with average jet fuel demand jumping by 75%, or nearly 170,000 barrels per day, in two weeks, according to satellite data fim Kayrros. 

An announcement by the U.S. Energy Department on Friday that it will begin repurchasing crude oil for the Strategic Petroleum Reserve for delivery in February next year also supported the outlook for stronger prices. 

This will be the United States’ first purchase since this year’s record 180-million-barrel release from the stockpile.Posted by Reuters Share

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