STOCK MARKET NEWS: Futures slide, bank earnings on tap, crypto broker job cuts

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incoming update…Breaking News Kroger to buy Albertsons in $24.6B dealGrocery chain Kroger will buy rival Albertsons for $34.10 a share in a deal valued at $24.6 billion, the companies announced on Friday.

As of June 18, Albertsons operated 2,273 retail, food and drug stores with 1,720 pharmacies, 402 associated fuel centers, 22 dedicated distribution centers and 19 manufacturing facilities across 34 states and the District of Columbia.

Meanwhile, Kroger operates nearly 2,800 stores in 35 states operating under 28 different names, including Fred Meyer, Ralphs, King Soopers and Harris Teeter.Posted by FOX Business Team ShareStock futures give back gainsNYSE traders (Reuters)

U.S. equity futures were trading lower ahead of the start of earnings season for the big banks and the release of a slew of economic reports.

The major futures indexes suggest a decline of 0.4% when the trading day begins on Wall Street.

Oil prices were searching or direction with both contracts down 3% for the week.

U.S. West Texas Intermediate (WTI) crude futures traded around $88.00 per barrel.

Brent crude futures traded around $93.00 per barrel.

The yield on the 10-year Treasury, which helps set rates for mortgages and many other loans, was at 3.91% Friday morning.

The big banks unofficially kick off third-quarter earnings season Friday morning.

JPMorgan Chase, Wells Fargo, Citigroup, and Morgan Stanley are all scheduled to report ahead of the opening bell. 

Rising interest rates should help the banks by boosting net interest margin and net interest income. On the flip side, the jump in borrowing costs could mean that loan demand takes a hit. 

On the economic calendar, reports are due on retail sales, import & export prices and consumer sentiment.

Asian stock markets surged Friday after Wall Street rebounded from a slump caused by worse-than-forecast inflation numbers.

Japan’s Nikkei soared 3.3%, Hong Kong jumped 1.2% and China’s Shanghai Composite gained 1.8%.

Wall Street’s benchmark S&P 500 index rebounded to end up 2.6% for its biggest daily gain in 2 1/2 years.

The Dow Jones Industrial Average rose 2.8% at 30,038.72. The Nasdaq composite climbed 2.2% at 10,649.15.Posted by Ken Martin ShareEarnings season for banks beginsThe major bank logos (Reuters)

The big banks unofficially kick off third-quarter earnings season Friday morning.

JPMorgan Chase, Wells Fargo, Citigroup, and Morgan Stanley are all scheduled to report ahead of the opening bell. 

Rising interest rates should help the banks by boosting net interest margin and net interest income. On the flip side, the jump in borrowing costs could mean that loan demand takes a hit. 

The falloff in deal-making and underwriting fees will take a bite out of profits, but that will be at least partially offset by a pickup in trading activity thanks to the latest market volatility. 

Finally, investors will pay close attention to the banks outlooks in the face of global economic uncertainty and the growing risk of recession.Posted by Ken Martin ShareGasoline price ticks lower for a third straight dayGas Prices (AAA)

The average price of a gallon of gasoline slipped for the third straight day after a recent run of increases.

The price on Friday was $3.903, according to AAA. Thursday’s price was $3.913. 

A week ago, gasoline was at $3.703. Gas hit a high of $5.016 on June 14. 

Diesel’s price gained to $5.215 per gallon.Posted by Ken Martin ShareOil heads for losing weekOil rig pumping (Reuters)

Oil prices turned negative overnight on Friday.

U.S. West Texas Intermediate (WTI) crude futures traded around $88.00 per barrel.

Brent crude futures traded around $93.00 per barrel.

Both contracts were down about 3% for the week after two prior weeks of gains amid recession concerns.

Oil prices were also supported by a steep drawdown in distillate stocks as heating oil demand is expected to rise as winter approaches.Posted by Ken Martin ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were trading higher Friday morningBitcoin was trading around $19,000, after gaining for two consecutive days.

Bitcoin has lost more than 2% in the past week. The cryptocurrency is off 0.1% for the month and down more than 58% year-to-date.

Ethereum was trading around $1,300, after losing more than 4% in the past week.

Dogecoin was trading at 6 cents, after losing more than 5% in the past week.Posted by Ken Martin Share Crypto broker NYDIG cuts one-third of staff in new focusIn this photo illustration, a NYDIG (New York Digital Investment Group LLC) logo is seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

NYDIG switching its focus toward more promising businesses means job cuts.

The bitcoin trading and banking firm laid off about a third of its workforce last month, people familiar with the matter told the Wall Street Journal.

The cutbacks came less than two weeks before NYDIG announced it had replaced its top two executives.

On Oct. 3, NYDIG said that Chief Executive Robert Gutmann and President Yan Zhao had stepped down from their roles, although they will remain parent company Stone Ridge Holdings Group.

They were replaced by Tejas Shah, formerly head of institutional finance, and Nate Conrad, global head of payments, respectively.

The reason for the executive changes was not disclosed.

A company statement said it was on pace for record revenue this year, with sales up 130% during the first half.Posted by FOX Business Team Share

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