LIVE UPDATES: Inflation data lifts stocks, Walmart shares soar, FTX creditors mount

6 PostsSort BySort by NewestSort by OldestBack to Top

incoming update…Breaking News Inflation data, retail earnings power stocksSymbolPriceChange%ChangeWMT$138.39-4.19-2.94

Dow Jones Averages.$33983.22

Wall Street saw a broad rally as investors celebrated a slight easing of inflation at the producer level on a monthly basis and after Walmart boosted its full-year forecast. In commodities, oil fell over 1% to the $84 per barrel level.  Posted by FOX Business Team ShareBreaking News Walmart boosts outlookWalmart Inc.$138.39

Walmart shares jumped after the nation’s largest retailer boosted its outlook for the full year following an 8.7% rise in revenue. Specifically, in the U.S. comp sales were up 18.2% helped food and online purchases.

“We had a good quarter with strong top-line growth globally led by Walmart and Sams Club U.S., along with Flipkart and Walmex. Walmart U.S. continued to gain market share in grocery, helped by unit growth in our food business. We significantly improved our inventory position in Q3, and well continue to make progress as we end the year” said CEO Doug McMillon in the release.

Walmart exteriors

Posted by FOX Business Team ShareBreaking News Inflation eased but remains elevatedWholesale produce market/Photographer: Al Drago/Bloomberg via Getty Images

The Producer Price Index rose 0.2 percent in October vs. the prior month, less than the 0.4% forecast, the U.S. Bureau of Labor Statistics reported.

Still, annually, prices rose 8.0 percent remaining elevated, although less than the expected 8.3% increase.Posted by FOX Business Team ShareBitcoin, Ethereum, Dogecoin higher early Tuesday morningBitcoin, Ethereum and Dogecoin were all higher early Tuesday morning. (Getty Images)

Cryptocurrency prices edged higher early Tuesday with Bitcoin, Ethereum and Dogecoin all showing gains.

At approximately 4:45 a.m. ET, Bitcoin was trading at nearly $16,786 (+0.87%), or higher by $145.

However, for the week, Bitcoin was trading lower by more than 19%. For the month, the cryptocurrency was lower by nearly 13.25%.

Ethereum was trading at approximately $1,259.40 (+1.41%), or higher by more than $17.50.

For the week, Ethereum was trading lower by nearly 2`%. For the month, it was trading lower by approximately 4.25%.

Dogecoin was trading at $0.08685(+1.15%), or higher by approximately $0.000988. 

For the week, Dogecoin was lower by nearly 23%. For the month, however, the crypto was higher by more than 46.5%.Posted by FOX Business Team ShareGasoline, diesel prices fall for third-consecutive dayGasoline and diesel prices fell overnight for the third-consecutive day. (gasprices.aaa.com)

The nationwide price for a gallon of gasoline dropped nearly 1 1/2 cents early Tuesday to $3.759. On Monday, the price was $3.773. On Sunday, it slipped to $3.776, according to AAA. 

One week ago, a gallon of gasoline cost $3.804. A month ago, that same gallon of gasoline cost $3.892. A year ago, a gallon of gasoline cost $3.415. 

Gas hit an all-time high of $5.016 on June 14, approximately 23 weeks ago. 

Diesel prices also fell as well on Tuesday to $5.358. On Monday, diesel prices nationwide were $5.359. On Sunday, it slipped to $5.362. 

One week ago, a gallon of diesel cost $5.351 A month ago, that same gallon of diesel cost $5.252. A year ago, a gallon of diesel cost $3.646.Posted by FOX Business Team ShareOil steady, COVID-19 cases in China raise fearsCOVID cases in China continued to rise Tuesday as major cities are being hit with the virus. (Getty Images)

SymbolPriceChange%ChangeUSO$71.91-2.47-3.32CVX$186.550.090.05XOM $113.37-0.58-0.51

Oil prices held steady on Tuesday as rising COVID-19 cases in China sparked fears of lower fuel consumption from the world’s top crude importer and a cut in OPEC’s 2022 global demand forecast offset worries about tight supply. 

Brent crude futures edged up 11 cents, or 0.1%, to $93.25 a barrel by 0715 GMT after settling 3% lower on Monday.

U.S. West Texas Intermediate crude was at $85.68 a barrel, down 19 cents, or 0.2%, after tumbling 3.5% in the previous session. 

While investors cheered China’s announcements last week that it would lessen the impact of a strict zero-COVID policy to spur economic activity and energy demand, analysts said lockdowns and surging case numbers continue to be a key downside risk. 

The country’s COVID cases rose further on Tuesday, including in the capital Beijing, even as many cities scaled back routine testing. 

“Rolling lockdowns across heavily populated areas in China penalize mobility and oil demand even more than economic activity,” said Stephen Innes, managing partner at SPI Asset Management, in a note. 

The country’s factory output growth slowed, retail sales fell and property slumped further in October, the latest sign that the world’s second-largest economy is losing momentum as it struggles with protracted COVID curbs and a property downturn. 

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) cut its 2022 global oil demand growth forecast for a fifth time since April, citing mounting economic challenges including high inflation and rising interest rates. 

This comes after the International Monetary Fund said on Sunday the global economic outlook has become gloomier than projected last month, citing a steady worsening in purchasing manager surveys in recent months. 

However, concerns about tight supplies this winter continued to support oil prices. A European Union embargo on Russian oil is set to start on Dec. 5. The ban will be followed by the halting of oil product imports in February. 

U.S. crude oil stocks were expected to have dropped by about 300,000 barrels in the week to Nov. 11, a Reuters poll showed on Monday. 

The poll was conducted ahead of reports from the American Petroleum Institute due at 4:30 p.m. ET (2130 GMT) on Tuesday and the Energy Information Administration (EIA) due on Wednesday.Posted by Reuters Share

Live Coverage begins here