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incoming update…Breaking News Stocks inch higher on shortened holiday week

Investors pushed stocks higher ahead of the Federal Reserve minutes due at 2pm ET today which are expected to provide fresh clues on future rate hikes. In other economic news, durable goods came in stronger-than-expected for the month and year comparisons. In commodities, oil fell nearly 4% to the $77 per barrel level on more China COVID concerns.  Posted by FOX Business Team ShareThanksgiving and the stock marketU.S. stock investors are engaged in the final full day of trading Wednesday ahead of Thanksgiving but there will be abbreviated trading on Friday.

MARKETSThanksgiving Week and the stock marketThe Thanksgiving holiday creates some changes in trading hours as well as causes some economic reports to be released earlier than normal.

Posted by FOX Business Team ShareGrocer Ingles Markets reports Q4 same store sales up 5.2%, ex gas Ingles Markets Cl A.$97.64

SymbolPriceChange%ChangeIMKTA$97.641.141.18

Ingles Markets reported higher sales and lower profit for the fourth quarter.

Net sales totaled $1.45 billion for the three months ended September 24, 2022, compared with $1.34 billion for the quarter ended September 25, 2021. Excluding gasoline sales, comparable store sales increased 5.2% over the comparative fiscal quarter.

Net income totaled $70.2 million for the September 2022 quarter compared with $71.7 million for the September 2021 quarter.

The regional supermarket chain operates 198 stores in the Southeastern U.S. In conjunction with its supermarket operations, Ingles operates neighborhood shopping centers, most of which contain an Ingles supermarket. The company also owns a fluid dairy facility that supplies Ingles supermarkets and unaffiliated customers.Posted by FOX Business Team ShareU.S. weekly jobless claims increase more than expectedThe number of Americans filing new claims for unemployment benefits increased more than expected last week, but that likely does not suggest a material shift in labor market conditions, which remain tight.

Initial claims for state unemployment benefits rose 17,000 to a seasonally 240,000 for the week ended Nov. 19, the Labor Department said on Wednesday.

Data for the prior week was revised to show 1,000 more applications filed than previously reported. Economists polled by Reuters had forecast 225,000 claims for the latest week.

The claims data was released a day early because of the Thanksgiving Day holiday on Thursday. Last week’s increase is most likely technical, with economists noting that the model that the government uses to adjust the data for seasonal fluctuations typically anticipates a rise in filings because of temporary company closures related to the holidays.Posted by Reuters ShareStock futures trade cautiously ahead of ThanksgivingNYSE floor traders (AP)

U.S. equity futures traded slightly higher Wednesday morning, the day after a broad rally.

The major futures indexes suggest a gain of 0.2% when the opening bell rings on Wall Street.

Oil prices were steady on Wednesday as concerns about lower demand from China due to COVID-19 curbs offset data showing a larger-than-expected U.S. crude draw last week.

U.S. West Texas Intermediate (WTI) crude futures traded around $79.00 a barrel.

Brent crude futures traded around $87.00.

Solid earnings pushed retailers higher on Wall Street ahead of the Thanksgiving holiday.

Best Buy soared 12.8% after the consumer electronics chain did better than analysts expected and said a decline in sales for the year will not be as bad as it had projected earlier.

Due to the Thanksgiving holiday, Wednesday’s economic calendar will have several data points including jobless claims, home sales and durable goods to name a few.

In the afternoon, the minutes of the Fed’s last policy meeting will be released.

The yield on the 10-year Treasury, which influences mortgage rates, fell to 3.75% on Wednesday.

Nordstrom shares are down 9% in premarket trading after the retailer trimmed its annual profit forecast.

HP shares are adding 1% in premarket trading after the company announced jobs cuts and better-than-expected quarterly results.

In Asia, Hong Kong’s Hang Seng index surged 0.6%, China’s Shanghai Composite index added 0.3%.

Markets were closed in Japan for a holiday.

On Tuesday, the S&P 500 rose 1.4% to 4,003.58 and the Dow Jones Industrial Average added 1.2% to 34,098.10. The tech-heavy Nasdaq composite added 1.4% to 11,174.41.Posted by FOX Business Team ShareFTX: How Sam Bankman-Fried built a house of cardsFTX founder Sam Bankman-Fried (Getty Images)

Attorneys for fallen crypto exchange FTX argued at the firm’s bankruptcy hearing Tuesday that the company served as founder Sam Bankman-Fried’s personal “fiefdom,” reaching $40 billion in market cap as of January before crashing in recent weeks to its current valuation of around $422 million.

Those who have looked under the hood in the wake of the crash, including new FTX CEO John J. Ray III, have expressed dismay at the company’s lack of basic bookkeeping and compliance protocols, sparking questions over how Bankman-Fried was able to build such an enormous, unchecked operation that bought him incredible influence and political power.

So, how did Bankman-Fried do it? Ben McMillan, co-founder of IDX Digital Assets, spells it out with a simple analogy:

In a hypothetical scenario, imagine someone owns every house in a 100-home neighborhood and forces the sale of one home for $1 million, then uses that sale to show they have $100 million in “equity.” But then, the owner is forced to sell all the remaining 99 homes, and the houses only sell for $100,000 each meaning $90 million of their so-called equity disappears.

But that equity never existed in the first place.

McMillan told FOX Business that is exactly what Bankman-Fried did with his FTT tokens, since he controlled the float.

For more on the story, click here: FTX: How Sam Bankman-Fried built a house of cardsPosted by FOX Business Team ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were higher Wednesday morningBitcoin was trading around $16,000, after snapping a two-day losing streak.

For the week, Bitcoin has given up 4%.

The cryptocurrency is down more than 20% for the month and down more than 65% year-to-date.

Ethereum was trading around $1,100, after losing 9% in the past week.

Dogecoin was trading at 8 cents after losing 10% in the past week.Posted by FOX Business Team ShareThanksgiving travelers faced major price increases for airfare, hotelsAir travelers face many hurdles this holiday season. (AP)

Thanksgiving travelers faced major price hurdles this holiday.

Decades-high inflation, coupled with a continued travel rebound stemming from the COVID-19 pandemic, is leading to higher prices for just about everything travel-related, including airfare, hotels and gas. Inflation cooled slightly in October, but still hit 7.7%.

The average price for a domestic round-trip flight the week of Thanksgiving was $468 if it was booked in early November, with prices only increasing as the month went on, according to Kayak. That marks a 48% increase from 2021. And another headache: United Airlines expects the holiday will be its busiest period since the beginning of the pandemic. 

Continue readingPosted by FOX Business Team ShareGasoline price slide continuesGas Prices (AAA)

With millions hitting the road for the Thanksgiving holiday, some drivers are experiencing relief at the pump.

In fact, Texas drivers are seeing the cheapest gas in the country.

The price of gas there has fallen to below $3 for the first time since January.

Drivers in California are paying the most for gas, spending $5.20 for a gallon of regular unleaded

The nationwide price for a gallon of gasoline slipped Wednesday to $3.609, according to AAA.

The average price of a gallon of gasoline on Tuesday was $3.636.  

One week ago, a gallon ofgasoline cost $3.743. A month ago, that same gallon of gasoline cost $3.795.

Gas hit an all-time high of $5.016 on June 14.

Diesel declined to $5.269.Posted by FOX Business Team ShareOil prices steady as demand concerns offset drop in crude inventoriesoil rigs pumping (Reuters)

Oil prices were steady on Wednesday as concerns about lower demand from China due to COVID-19 curbs offset data showing a larger-than-expected U.S. crude draw last week.

U.S. West Texas Intermediate (WTI) crude futures traded around $79.00 a barrel.

Brent crude futures traded around $87.00.

Both benchmark contracts rose about 1% on Tuesday on reports OPEC nations were not considering boosting oil output, according to Reuters.

Traders are also being cautious ahead of the release of the U.S. Federal Reserve’s minutes from its November policy meeting due Wednesday afternoon.

U.S. crude inventories reportedly fell by about 4.8 million barrels win the past week, according to data from the American Petroleum Institute.

Analysts polled by Reuters on average had expected a 1.1 million barrel drawdown in crude inventories.Posted by FOX Business Team Share

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