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incoming update…Crypto prices lower early Friday morningBitcoin, Ethereum and Dogecoin were all lower early Friday morning. (Getty Images)

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were all lower early Friday.

At approximately 5:15 a.m. ET, Bitcoin was trading at nearly $18,970 (-0.37%), or lower by $65.

For the week, Bitcoin was trading lower by nearly 1.9%. However, for the month, the cryptocurrency was higher by nearly 0.85%.

Ethereum was trading at approximately $1,277.4 (-0.35%), or lower by more than $4.6.For the week, Ethereum was trading lower by almost 0.35%. For the month, it was trading lower by approximately 3.15%.

Dogecoin was trading at $0.057995 (-2.64%), or lower by approximately $0.001571. 

For the week, Dogecoin was lower by nearly 0.32%. For the month, the crypto was higher by more than 2%.Posted by FOX Business Team Share Diesel prices higher, gas falls againDiesel prices continue to rise in the US, while gas prices are slowly receding. (gasprices.aaa.com)

The average price of a gallon of gasoline nationwide fell to $3.82 early Friday morning, AAA reported. 

The nationwide price for a gallon of regular gasoline on Thursday was $3.836. On Wednesday, the price was $3.854. 

A week ago, gasoline sold for $3.903 per gallon. A month ago, that same gallon of gasoline nationwide was $3.681. A year ago, gasoline sold for $3.369 nationwide. 

Gas hit an all-time high of $5.016 on June 14, approximately 18 weeks ago. 

Meanwhile, diesel’s price rose slightly Friday to $5.34 per gallon nationwide. On Thursday, the price was $5.336. Early Wednesday morning, the price was $5.324. 

A week ago, diesel sold for $5.215 per gallon. A month ago, that same gallon of diesel nationwide sold for $4.928. A year ago, diesel was selling for $3.579 per gallon nationwide.Posted by FOX Business Team ShareUS stocks move lower, investors weigh earnings, Fed movesUS stocks were lower early Friday as investors weigh third-quarter earnings reports and possible Fed actions. (Getty Images)

SymbolPriceChange%ChangeI:DJI$30,333.59-90.22-0.30SP500$3,665.78-29.38-0.80I:COMP$10,614.84-65.66-0.61

U.S. stocks moved lower early Friday after losing ground on Thursday as as investors weighed the latest batch of corporate earnings and the question of how aggressively central banks will raise interest rates to moderate inflation. 

The S&P 500 fell 29.38 points, or 0.8%, to 3665.78 near the end of the trading day. The tech-focused Nasdaq Composite dropped 65.66 points, or 0.6%, to 10614.84 and the Dow Jones Industrial Average lost 90.22 points, or 0.3%, to 30333.59. 

The U.S. employment market remains strong, with the latest government data showing the number of Americans applying for unemployment benefits fell last week and remains historically low. 

The healthy jobs market is a sticking point since it suggests the Fed will have to persist in raising interest rates. The central bank has raised its key interest rate to a range of 3% to 3.25%. Just over six months ago, it was near zero. 

The increases are putting pressure on other areas of the economy, including the housing market, where mortgage rates are now at 15-year highs. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate ticked up this week to 6.94% from 6.92% last week. 

The Federal Reserve has raised interest rates five times this year and is likely to increase its benchmark federal-funds rate by another 0.75 percentage point at its meeting next month as it tries to bring down high inflation. 

“At the moment, we keep getting upside surprises on inflation everywhere you look,” said Hugh Gimber, a strategist at J.P. Morgan Asset Management. “No one really has a good grasp yet of where the central banks — particularly the Fed — are going to be able to stop.” 

The uncertainty around both inflation and the extent of the Fed’s monetary tightening is at the core of what’s been weighing on markets in recent days, according to Arthur Laffer Jr., president of Laffer Tengler Investments, a Nashville, Tenn.-based registered investment adviser that manages more than $1 billion in assets. 

“Markets are a little bit stunned that the Fed has shown that it’s going to stay the course at least through year-end,” Laffer said. “If these inflation numbers don’t come down and they don’t come down consistently over several months, you are not going to get a pivot anytime soon.” 

Stocks have been volatile in recent sessions, buoyed by a batch of mixed though better-than-expected earnings results. Still, some investors believe that earnings expectations are too high across the board and a downward recalibration is likely ahead. 

Meanwhile, Asian shares were mostly lower Friday in muted trading, as investors kept an eye on inflation and awaited the outcome of a Communist Party congress in China. Benchmarks fell in most regional markets but rose in Mumbai. 

In other developments, Japan’s core consumer prices rose 3.0% in September from a year earlier, according to government data released Friday. That was the highest increase in eight years. It would also have been the highest in more than 30 years if the impact of introducing and raising the consumption tax was excluded. 

The Bank of Japan has kept an ultra-low interest rate policy, while the Federal Reserve and other central banks have been raising rates to counter surging prices. Until recently, the Japanese central bank had devoted its efforts to fending off deflation, or the continued downward spiraling of prices. 

Japan’s benchmark Nikkei 225 declined 0.4% in afternoon trading to 26,892.67. Australia’s S&P/ASX 200 shed 0.8% to 6,676.80. South Korea’s Kospi edged down 0.3% to 2,212.61. Hong Kong’s Hang Seng fell 0.8% to 16,157.32, while the Shanghai Composite gained 0.2% to 3,041.21. Shares rose 0.4% in Mumbai.Posted by Associated Press ShareChina optimism fades, oil prices show little changeOil prices were almost unchanged overnight as reports say China is considering cutting COVID-19 restrictions. (Getty Images)

SymbolPriceChange%ChangeUSO$70.180.140.20CVX$168.960.960.57XOM$103.930.140.13

Oil prices were little changed on Friday as optimism about a possible rise in demand in China faded and the market again weighed the impact of sharp interest rate rises on energy consumption. 

Brent crude futures slipped 12 cents to trade at $92.26 a barrel by 0625 GMT. U.S. West Texas Intermediate futures were down by 11 cents to $84.40 a barrel. 

Brent was on track for a weekly gain of 0.6%, while WTI was expected to fall 1.5% following a rollover in front-month contracts. 

To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday. 

“With several key Fed members taking turns at the hawk’s pulpit this week arguing for even higher interest rates, it blunted optimism from China’s reduced quarantine hopes,” Stephen Innes, managing director at SPI Asset Management said in a note. “Everyone is pining for a China-reopening-driven commodity boost, but we are not there yet.” 

Beijing is considering cutting the quarantine period for visitors to seven days from 10 days, Bloomberg news reported on Thursday, citing people familiar with the matter. There has been no official confirmation from Beijing. 

China, the world’s largest crude importer, has stuck to strict COVID-19 curbs this year, weighing heavily on business and economic activity and lowering demand for fuel. Many analysts believe the zero tolerance policy will be largely maintained well into next year. 

But oil prices have been supported recently by a looming European Union ban on Russian crude and oil products, as well as the output cut from the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+. 

“OPEC’s move to cut production by two million barrels per day could be a turning point for the oil market. With the risk of Russian supply disruptions due to the price cap, it could tighten the market,” said ANZ Research in a Friday note. “A slowing global economy and sustained soft demand from China are key headwinds, but the oil market is fundamentally in a stronger position than it has been in previous economic downturns.” 

OPEC+ had agreed on a production cut of 2 million barrels per day in early October, leading the White House to claim that Saudi Arabia had pushed other member nations into the output cut.Posted by Reuters ShareLabor Department report shows fewer number of people are filing for unemploymentLabor Department data showed 214,000 workers filed for unemployment benefits in the week ended Oct. 15, down from the week prior. 

Continuing claims, or the number of Americans who are consecutively receiving unemployment aid, rose to 1.385 million, up by 21,000 from the previous week’s revised level. One year ago, more than 3.27 million Americans were receiving unemployment benefits.

The strong jobs data comes as the Federal Reserve tries to crush runaway inflation with the most aggressive rate hikes in decades. 

Economic projections released by the Fed in September show that most officials expect unemployment to climb to 4.4% by the end of next year, up from the current rate of 3.7%. That is significantly higher than June when policymakers saw the jobless rate inching up to 3.7%.

Chair Jerome Powell conceded during the post-meeting press conference that higher rates could “give rise to increases in unemployment.” 

For more on the story, click here: Unemployment figures, mortgage cold feet and more: Friday’s 5 things to knowPosted by FOX Business Team Share Twitter workforce may be cut nearly 75% by Elon Musk: reportBillionaire Elon Musk reportedly said he had plans to cut Twitters workforce by almost 75% should his deal to buy the social media platform close. 

While speaking to potential investors, Musk said he planned to reduce Twitters staffing from about 7,500 to around 2,000 employees, a nearly 75% decrease, according to The Washington Post. 

The outlet cited interviews and documents as the basis of its reporting published Thursday.

Musk offered to buy Twitter in April and sought to end the acquisition a few months later, resulting in a legal battle between him and the company. 

In a reversal, he said earlier this month he would go through with the original deal. 

For more on the story, click here: Twitter workforce may be cut nearly 75% by Elon MuskPosted by FOX Business Team Share

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