STOCK MARKET NEWS: Futures rise ahead of GDP report, Meta shares plunge

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incoming update…Twitter shares to be suspended on NYSE ahead of Musk takeoverElon Musk’s $44 billion takeover of Twitter is moving closer to the court-ordered Oct. 28 deadline.

Ahead of that, Twitter shares will be suspended from trading on Friday, according to the New York Stock Exchange’s website.

Musk visited Twitter’s headquarters in San Francisco on Wednesday and hinted he was the company’s top boss after updating his profile bio to “Chief Twit”.

The Tesla chief executive posted a video to his Twitter account on Wednesday showing him carrying a sink into the building with the caption “Entering Twitter HQ let that sink in!” 

During Musk’s visit to Twitter headquarter, he reportedly told employees that he does not plan to cut 75% of staff, according to Bloomberg.

Reuters reported on Tuesday that equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, had received the requisite paperwork for the financing commitment from Musk’s lawyers.

Read more on the story here: Twitter shares to be suspended on NYSE ahead of Musk takeoverPosted by FOX Business Team ShareStock futures gain ahead of 3Q growth reportStock Traders (Reuters)

U.S. equity futures traded higher ahead of a closely watched update on the economy.

The major futures indexes suggest a gain of 0.4% when the opening bell rings on Wall Street.

Oil prices were stable on Thursday despite fears over China demand.

U.S. West Texas Intermediate (WTI) crude traded around $87.00 a barrel.

Brent crude futures traded around $95.00 a barrel.

Forecasters expect U.S. government data to show the economy grew in the three months ending in September after two quarters of contraction.

Other reports due will measure jobless claims and durable goods.

The yield on the 10-year Treasury, or the difference between the day’s market price and the payout at maturity, was at 4.06%

The European Central Bank is expected to raise its key interest rate to a 13-year high.

Shares of Facebook’s parent company Meta were plunging 19% in premarket trading after the company reported a disappointing forecast.

The company expects fourth quarter 2022 total revenue to be in the range of $30-32.5 billion. Analysts on average expected revenue of $27.38 billion, according to Refinitiv data.

Third quarter revenue fell 4% to $27.7 billion

In Asia, the Nikkei 225 in Tokyo shed 0.3%, the Hang Seng in Hong Kong jumped 1.3% and China’s Shanghai Composite Index lost 0.2%.

On Wall Street, the S&P 500 index fell 0.7% to 3,830.60, breaking three days of gains after Microsoft and the parent companies of Google and Facebook reported weaker-than-expected profit or revenue.

The tech-heavy Nasdaq composite dropped 2% to 10,970.99. The Dow Jones Industrial Average ended little changed, gaining 2.37 points to 31,839.11.Posted by FOX Business Team ShareMeta shares drop on disappointing forecastFacebook and Meta logos (Reuters)

Shares of Facebook’s parent company are plunging 19% in premarrket trading after the company reported a disappointing forecast.

The company expects fourth quarter 2022 total revenue to be in the range of $30-32.5 billion. Analysts on average expected revenue of $27.38 billion, according to Refinitiv data.

Third quarter revenue fell 4% to $27.7 billion.

The company said it is making significant changes across the board to operate more efficiently.

On a per-share basis, the company said it had net income for the three months ended September 30 was $1.64.

The results fell short of Wall Street expectations.

The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.88 per share.Posted by FOX Business Team ShareUS economy likely grew in the third quarter, but it could be downhill from hereEmployees work on the assembly line (Photographer: Jeff Kowalsky/Bloomberg via Getty Images)

The U.S. economy likely grew in the third quarter after back-to-back contractions. However, the sudden rebound may mean little to U.S. households and businesses still grappling with painfully high inflation and rapidly rising interest rates.

The Commerce Department is set to release the highly anticipated third-quarter gross domestic product reading Thursday morning, which is expected to show that economic growth increased 2.1% in the period from July to September. 

But the anticipated turnaround doesn’t actually reflect improvements in the economy, which is still besieged by inflation running near a 40-year high and likely headed toward a recession next year, economists say. 

Continue readingPosted by FOX Business Team ShareGasoline price continues to move lowerGas Prices (AAA)

The average price of a gallon of gasoline slipped on Wednesday to $3.760, according  to AAA, continuing a recent trend.

The price on Wednesday was $3.764. One week ago, a gallon of gasoline cost $3.836.

Gas hit a high of $5.016 on June 14. Diesel’s price slipped to $5.309 per gallon.Posted by FOX Business Team ShareOil prices stabilize despite China demand concernsOil rig at sunrise (AP)

Oil prices held steady on Thursday despite fears over China demand.

U.S. West Texas Intermediate (WTI) crude traded around $87.00 a barrel.

Brent crude futures traded around $95.00 a barrel.

U.S. crude inventories rose 2.6 million barrels last week, according to weekly government data on Wednesday, with crude exports rising to 5.1 million barrels a day.

The World Bank on Wednesday said it expects energy prices to decline by 11% in 2023 after this year’s 60% surge following Russia’s invasion of Ukraine. But, slower global growth and COVID restrictions in China could lead to a deeper fall. 

The slide in oil prices comes despite the dollar’s weakness which makes greenback-denominated crude less expensive.

The dollar stood close to a more than one-month low against a basket of currencies on Thursday.Posted by FOX Business Team ShareCryptocurrency prices are higher for Bitcoin and Ethereum Thursday morningBitcoin was trading around $20,000, after gaining in five of the last six days.

For the week, Bitcoin has gained more than 8%.

For the month, the cryptocurrency has gained more than 6%, but is down more than 55% year-to-date.

Ethereum was trading around $1,500, after gaining more than 22% in the past week.

Dogecoin was trading at 7 cents, after gaining more than 24% in the past week. Posted by FOX Business Team ShareCoal mine demolishes wind farm to boost country’s energy supply, drawing ire of climate activistsA German energy company is dismantling a wind farm to allow for an adjacent coal mine to expand its operations, officials said. 

The German coal mine Garzweiler, operated by energy company RWE, admits the situation appears to be “paradoxical” sacrificing one energy source for another but defended the decision as necessary to strengthen supplies amid the ongoing energy crisis, Oilprice.com reported. 

“We realize this comes across as paradoxical,” RWE spokesperson Guido Steffen said in a statement. “But that is as matters stand.”

One of the wind farms eight wind turbines was dismantled last week and two others are expected to be taken down next year. The remaining five turbines will be dismantled by the end of 2023, said a spokesperson for the company that builds and runs the wind farm.

RWEs decision to expand into the Keyenberg wind farm, which is located in North Rhine-Westphalia, has drawn the ire of climate activists. 

The expansion comes in tandem with a plan to temporarily return three of RWEs lignite-fired coal units to the market, a decision that was approved by Germanys cabinet. The units were previously on standby. 

Find more details on the story by clicking here: Coal mine demolishes neighboring wind farm to boost country’s energy supply, drawing ire of climate activists Posted by FOX Business Team Share

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