STOCK MARKET NEWS: Amazons hiring push, jobless claims rise, OPEC cut hits US

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incoming update…Mortgage rates decrease slightlySale sign stands outside a home in Wyndmoor, Pa., Wed., June 22, 2022. (AP Photo/Matt Rourke)

Mortgage rates decreased slightly this week due to ongoing economic uncertainty, according to government-sponsored mortgage securitizer Freddie Mac . However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers.

The average 30-year fixed rate loan fell to 6.66%, down .04% from 6.7% a week earlier.

The 15-year rate came in at 5.9%, a drop of 0.06% from 5.96% last week.Posted by FOX Business Team ShareBreaking News Stocks slip as jobless claims climbS P 500.$3775.79

U.S. stocks drifted lower for a second session as investors weigh weekly jobless claims and prepare for Fridays September employment report. In commodities, oil was steady, at the $87 per barrel level, following OPECs production cut that sent ripples through US energy industry. Posted by FOX Business Team ShareBreaking News Amazon’s big holiday hiring pushAmazon’s is looking to add 150,000 workers to help mee the holiday rush and some may be eligible for a cash incentive to seal the deal.

Were proud to offer a wide variety of roles for people of all backgrounds, with more than 150,000 roles available across the country. Whether someone is looking for some extra money for a few months or a long-term career, the holidays are a great time for people to join Amazon, and many of our seasonal employees return year-after-year or transition into full-time roles, said John Felton, Amazons Senior Vice President of Worldwide Operations.

Some roles are eligible for $3,000 cash bonus.

Amazon Com Inc.$120.95

Posted by FOX Business Team ShareBreaking News ECONOMYJobless claims rise more than expected as labor market starts to cool New applications for unemployment benefits increased more than expected last week as the job market starts to cool off amid the Federal Reserve’s fight against inflation.

There are fresh signs the red hot job market is starting to cool.Posted by FOX Business Team ShareAmazon suspends at least 50 Staten Island union workersAt least 50 Amazon warehouse employees in Staten Island, New York were suspended from their jobs after refusing to work in the wake of a trash compactor fire on Monday, union organizers say.

The workers, who were suspended with pay on Tuesday, were reportedly concerned about air quality within the facility after the fire. Some employees worried that there was still lingering smoke from the blaze.

When a trash compactor ignited on Monday afternoon, day-shift workers were sent home with pay. But night-shift employees, who had just arrived, were told to remain in the break area while management figured out what was going on, according to Amazon Labor Union vice president Derrick Palmer.

Approximately 100 workers held a sit-down protest at the facilitys main office, demanding to be sent home with pay.

“They were saying we dont feel safe, we dont feel safe to work,'” Palmer explained.

Read more on the story by clicking here: Amazon suspends at least 50 Staten Island union workers after protest over warehouse fire Posted by FOX Business Team ShareStock futures add to declinesNYSE traders (Reuters)

U.S. equity futures traded lower Thursday adding to losses in the prior session following a report by payroll processor ADP that employers added 208,000 jobs in September. 

That showed parts of the economy are still strong, giving ammunition to Fed officials who say more rate hikes are needed to cool inflation that is at a four-decade high.

The major futures indexes suggest a decline of 0.3% when trading begins on Wall Street.

Oil prices traded near three-week highs on Thursday after OPEC+ agreed to further tighten global crude supply with a deal to slash production by about 2 million barrels per day, the largest reduction since 2020.

U.S. West Texas Intermediate (WTI) crude futures traded around $87.00 per barrel, building on a 1.4% rise on Tuesday.

Brent crude futures traded around $93.00 per barrel, after settling 1.7% higher in the previous session.

In Asia, Tokyo’s Nikkei 225 rose 0.7%, while the Hang Seng in Hong Kong lost 0.4%. China’s markets remain closed for a holiday.

On Wall Street, the future for the benchmark S&P 500 index was down 0.2%. That for the Dow Jones Industrial Average lost 0.1%.

The Dow slipped 0.1% and the Nasdaq composite slid 0.2%.Posted by FOX Business Team ShareGasoline prices continue to gainGas prices (AAA)

The average price of a gallon of gasoline gained again on Thursday to $3.867, according to AAA.

Wednesday’s price was $3.831. 

Gas hit a high of $5.016 on June 14. 

Diesel’s price gained to $4.883 per gallon.Posted by FOX Business Team ShareOil hovers near three-week highsOil rig pumping (Reuters)

Oil prices traded near three-week highs on Thursday after OPEC+ agreed to further tighten global crude supply with a deal to slash production by about 2 million barrels per day, the largest reduction since 2020.

U.S. West Texas Intermediate (WTI) crude futures traded around $88.00 per barrel, building on a 1.4% rise on Tuesday.

Brent crude futures traded around $94.00 per barrel, after settling 1.7% higher in the previous session.

The administration of  President Biden has criticized the deal as being “shortsighted”. The White House said Biden would continue to assess whether to release further strategic oil stocks to lower prices.Posted by FOX Business Team ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were mixed Thursday morningBitcoin was trading around $20,000, after snapping a two-day winning streak.

For the week, Bitcoin has gained more than 3%.

The cryptocurrency is down more than 56% year-to-date.

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

Dogecoin was trading at 6 cents, after gaining more than 6% in the past week.Posted by FOX Business Team ShareBiden admin looks to scale down Venezuela sanctions amid OPEC oil production cutThe Biden administration is reportedly gearing up to wind down sanctions against Venezuelas authoritarian regime, clearing the way for Chevron to resume its oil operations and reopen U.S. and European markets. 

People familiar with the proposal told The Wall Street Journal that any sanctions relief wound hinge on talks between the government of Venezuelan President Nicols Maduro and the countrys opposition regarding free and fair presidential elections in 2024. So far, such talks have failed to materialize. 

Discussions of possible sanctions relief on Venezuela come as President Biden faces mounting political pressure to address rising gas prices ahead of the November midterms. It also comes as the Organization of the Petroleum Exporting Countries (OPEC+) said it would be cutting oil production by 2 million barrels a day, creating another headache for the president. 

Such a deal between the U.S. and Venezuela could potentially enrage critics on all sides. Venezuelan opposition leader Juan Guaido has asked the U.S. government for details of Chevrons expanded license request to operate in the country. 

Still, it remains to be seen whether a pivot to Venezuela would make alleviate growing fuel costs in the U.S. Once a major oil producer, pumping more than 3.2 million barrels a day in the 1990s, Venezuelas dilapidated oil industry has been plagued by years of corruption, mismanagement, and environmental degradation, according to reports by oilprice.com. 

“The Democrats right now have a harder story to sell on this because sure there’s inflation. Sure, there are supply chain issues. But when specifically it comes to oil, they have been so publicly, anti-American oil, that when you start to hear that there’s not enough of it, those two dots aren’t very hard to connect,” Ryan Sitton, a former Texas oil regulator, told FOX Business. “So, Biden is clearly trying to do anything he ca do to hold oil prices down, and thereby help keep gasoline prices low, such that it doesn’t hit them that hard in the midterms.” 

Read more on the story here: Biden admin looks to scale down Venezuela sanctions, allow more pumping of oil rated among world’s dirtiestPosted by FOX Business Team ShareStudent loan relief applications arriving soon: What you need to knowWASHINGTON, DC – AUGUST 24: White House Domestic Policy Adviser Susan Rice listens during a White House daily press briefing at the James S. Brady Press Room of the White House August 24, 2022 in Washington, DC. Alex Wong/Getty Images

President Biden’s plan to wipe out as much as $20,000 in federal student loan debt per borrower will require millions of Americans to submit an application that could be available as soon as this week.

The White House has said that the application would open sometime in October and be short and online.

It is unclear exactly when the form will go live. White House press secretary Karine Jean-Pierre said this week that “no date has been set,” but she confirmed that it’s still slated for release this month.

Biden’s executive order cancels $10,000 in student loan debt for individual borrowers who earned less than $125,000 in either 2020 or 2021 (or married couples who made less than $250,000 annually in those same years). If a qualifying borrower also received a Pell grant while enrolled in school, they are eligible for up to $20,000 in debt forgiveness.

In the meantime, here is everything that borrowers need to know:How do I apply for the program?

Because the application is not live, it’s still unclear how to apply for the program. However, the Department of Education has said that borrowers will not need to upload any supporting documents or use their Federal Student Aid ID to submit the application.

“Once you submit your application, well review it, determine your eligibility for debt relief and work with your loan servicer(s) to process your relief,” the department said in a recent email to borrowers. “Well contact you if we need any additional information from you.”

Read more on the story by clicking here: Student loan relief applications arriving soon: What you need to knowPosted by FOX Business Team ShareMusk may need more financing firms for Twitter dealPhoto Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Elon Musk may need to find other firms to finance his takeover of Twitter.

Apollo Global Management Inc and Sixth Street Partners, which were looking to provide financing earlier this year, are no longer in talks with the billionaire entrepreneur, according to two sources familiar with the matter.

Apollo, Sixth Street and other investors were looking to commit over $1 billion in financing for the deal at the time.

When Musk started having second thoughts about the purchase, the talks ended.

Musk initially proposed the buyout in April, then backtracked in July and changed his mind once again this week.

Musk and Twitter are currently attempting to reach an agreement after months of litigation.

Click here to read more on the Elon Musk-Twitter purchase: Musk may need more financing firms for Twitter dealPosted by FOX Business Team Share

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