LIVE UPDATES: ExxonMobils buyback boost, stocks rebound, Costco earnings

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incoming update…Breaking News Stocks rebound, ExxonMobil lifts share buybackU.S. stocks rose, ending a five day losing streak, as investors dipped in and bought material and energy names including ExxonMobil which lifted its share buyback program by as much as $50 billion. In commodities, oil rose to the $74 per barrel level as China eased more COVID restrictions. 

Exxon Mobil Corp.$103.65

Posted by FOX Business Team ShareFTX and the IRSFTX customers, already burned by the bankruptcy, could be facing an even bigger headache: the IRS.

MONEYFor FTX customers, IRS Ponzi rules loom largeTax expert says FTX customers should get guidance from the IRS in 2023 on how to report losses from Sam Banman-Fried’s bankrupt cryptocurrency exchange to avoid amending tax returns.

Posted by FOX Business Team SharePresident Biden speaks moments after Brittney Griner freed in prison swap for arms dealer

Posted by FOX Business Team ShareFutures at a glanceU.S. stock futures are rebounding on Thursday as oil and gold hover between small gains and losses.

Dow Jones Industrial Average futures are up roughly 54 points, or 0.16%, while S&P and Nasdaq Composite futures are both up around 0.23%.

Over the last five days, the Dow is 2.14% in the red, the S&P is down 3.24%, while the tech-heavy Nasdaq is 4.19% lower.

The U.S. Tech 100 remains down on Thursday at 0.45% in negative territory and is now 4.52% lower over the last five days as tech stocks begin to mix.  

Shares of Meta are down 0.17%, Apple is down 1.38%, while Microsoft and Alphabet are off 0.31% and 2.10%, respectively.

In other tech stocks, shares of Nvidia are up 0.83% and Amazon are 0.24% higher.

Meanwhile, West Texas Intermediate crude futures are up approximately 2.21% to $73.60 a barrel, as gold holds onto roughly a 0.04% gain at $1,798.80 an ounce.

U.S. crude and gold are off the last five days with oil skidding 9.53% and gold losing 1.02%.Posted by FOX Business Team ShareStock futures trade cautiouslyStock traders (Reuters)

U.S. equity futures traded cautiously Thursday morning, the day after stocks fell for a fifth day.

Oil prices were rebounding Thursday amid optimism over China’s easing of anti-COVID measures.

West Texas Intermediate (WTI) crude futures traded around $72.00 per barrel.

Brent crude futures traded around $77.00 per barrel.

Gasoline prices slipped Thursday morning to below where they were a year ago.

The nationwide price for a gallon of gasoline slipped Thursday to $3.329, according to AAA.

A year ago, the price for a gallon of regular gasoline was $3.343.

On today’s economic docket is the latest report on jobless claims.

On Friday, traders will be able to study the latest inflation report when the government releases producer prices for November.

In Asia, Tokyo’s Nikkei 225 declined 0.4%, Hong Kong’s Hang Seng gained 3.4% and China’s Shanghai Composite lost 0.1%.

Wall Street ended a wobbly day of trading with more losses Wednesday, with the S&P 500 down 0.2% in its fifth straight loss. The Nasdaq composite, which is heavily weighted with tech stocks, fell 0.5% and the Dow industrials were flat.Posted by Ken Martin ShareGasoline prices now below year ago levelGas prices (AAA)

It has been a long strange trip involving pain at the pump.

The nationwide price for a gallon of gasoline slipped Thursday to $3.329, according to AAA.

That is below where the price was 12 months ago.

A year ago, the price for a gallon of regular gasoline was $3.343.

Diesel has declined to $5.00 per gallon, but that is still a far cry from the $3.612 of a year ago.

Everyone remembers when gas hit an all-time high of $5.016 on June 14.

The average price of a gallon of gasoline on Wednesday was $3.355.  

One week ago, a gallon of gasoline cost $3.470. A month ago, that same gallon of gasoline cost $3.804.Posted by Ken Martin ShareOil rebounds on optimism over China’s new COVID protocolsOil rig at sunrise (AP)

Oil prices were rebounding Thursday amid optimism over China’s easing of anti-COVID measures.

Oil is gaining after slumping to the lowest levels so far this year in the previous session.

West Texas Intermediate (WTI) crude futures traded around $72.00 per barrel.

Brent crude futures traded around $77.00 per barrel.

China on Wednesday announced a loosening of COVID rules that curbed the spread of the virus but sparked protests and hobbled the world’s second-largest economy.

Brent settled on Wednesday below the year’s previous closing low touched on the first day of 2022, while U.S. West Texas Intermediate crude fell to its lowest for the year.

Concerns of economic slowdowns weakening fuel demand continued to cap gains.

While U.S. crude stocks fell last week, gasoline and distillate inventories surged, adding to concerns about easing demand.Posted by Ken Martin ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were mixed Thursday morningBitcoin was trading around $16,000, after trading lower in three of the last five days.

For the week, Bitcoin has lost 2%.

For the month, the cryptocurrency is down a little more than 1%, but down more than 63% year-yo-date.

Ethereum was trading around $1,200, after losing more than 4% in the past week.

Dogecoin was trading at 9 cents, after losing more than 11% in the past week.Posted by Ken Martin Share

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