Top of the morning, readers. Phil Rosen here, reporting from the Big Apple.
Of course I couldn't miss hump day — especially when the US has just seen three weeks straight (!) that
Let's see what's crackin'.
1. Gas prices have fallen for 21 days straight, even amid ongoing war in Ukraine and peak summer driving season. That's good for the$4, when the pandemic first hit.
The $4, even though some cities in California were paying nearly $7 just a few weeks ago.
Let's think back to Econ 101: Prices are falling, in part, because they've gotten so high that demand may be waning. Consumption for gasoline hit its $4, excluding the pandemic months.
At the same time, stockpiles of oil have increased by over 4 million barrels during the last two weeks, even though those figures usually $4during summer.
Changes in supply and demand are also pulling oil prices down. Crude dipped below $100 a barrel Tuesday, $4as Citibank warned prices could hit as low as $65 thanks to weak demand.
$4, too, are sending ripples across energy
And all this, of course, likely comes as a relief for President Joe Biden, who of late has been scrambling to $4.
In other news:
2. US futures slipped Wednesday morning as recession fears grip markets. Stocks in Europe, meanwhile, rebounded after falling sharply Tuesday. Investors are awaiting the latest employment data, set to release on Friday, which will provide a fresh snapshot of the economy. $4
3. On the docket: American Eagle Outfitters, Alibaba Group Holding Limited, Autodesk, and 23andMe, $4. Plus, keep an eye out for today's release of Fed minutes from the central bank at 2 p.m. ET.
4. This batch of stocks share key factors that will help them outperform during a recession or economic slump. Bank of America's Jim Carey Hall broke down which companies should fare best, based on their market history. $4
5. A recession could crater the S&P 500 by more than 20% and send it to 3,000. Morgan Stanley's Mike Wilson said the downturn is already worse than expected, and more pain could be coming. $4
6. Markets have plunged in 2022 but Mohamed El-Erian said there are three positive outcomes of the brutal downturn. The top economist's comments come as inflation continues to run hot and stocks are capping off their worst first half to a year in decades: $4
7. BlackRock warned commodity prices will remain "structurally higher" for decades. The firm explained that declining oil investments fail to keep pace with surging demand, and that clean energy options will struggle to match fossil-fuel generated power. $4
8. The housing market is facing an "untenable frenzy." That's according to a real estate appraisal consultant. He broke down why summer 2023 could be the best time to buy — $4
9. The chief strategist at a $1.5 billion hedge fund said we're in a commodity super cycle right now. He shared three ETFs that investors should buy into right now so they don't miss out on another opportunity, $4.
10. US oil prices slipped below a key level this week after soaring all year. As we mentioned, crude prices dipped below $100 — $4.
Keep up with the latest markets news throughout your day by checking out $4, a dynamic audio news brief from the Insider newsroom. Listen here.>$4
Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn>$4).
Edited by Max Adams (@maxradams>$4) in New York.