Oil Surge Drives Market Dip | Anchorage News

0:00Intro intro Ask K welcome to today's market update stock markets dip today with the S&P 500 Dow and NASDAQ all slipping The culprit rising oil prices Brent crude hit over 105 a barrel while US crude surpassed a hundred dollars body one This spike in oil prices traces back to July driven partly by dwindling hope for resolving tensions in the straight of Hormuz President Trump commented that prices might not ease until the midterm elections in Navi body two body two This isn't just about gas prices though the average gallon now costs 428 Higher fuel costs ribble through the supply chain increasing prices on goods wholesale inflation is already at 5 4% so retailers may soon pass these costs onto consumers body thers Saver to combat inflation the federal reserve may hike interest rates with steady job numbers traders estimated 70% chance of a rate increase next week

1:02Despite presidential opposition global impact is evident as even the European Central Bank recently raised rates Outro the group hill a mid rising rates bonds gain appeal with a 10-year treasure yield nearing 5% a level last seen octi 22 retailers like macy's report challenges despite solid earnings while Jeb Blue thrives with strong bookings Thanks for tuning in catch you next time I'm Cory with the story and you've been listening to Anchorage News today AI powered local news