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incoming update…Retirement planning on the rocksInflation and the recession are taking a bite of American’s retirement planning.
LIFESTYLEInflation big setback for retirement savingsInflation, which is squeezing household finances, is also pushing many Americans further behind on their retirement savings, according to a new Bankrate report.
Posted by FOX Business Team Share Bitcoin, Ethereum and Dogecoin all lower early Monday morningBitcoin, Ethereum and Dogecoin were all lower early Monday morning. (Getty Images)
Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin all turned lower early Monday.
At approximately 5 a.m. ET, Bitcoin was trading at nearly $19,310 (-1.3%), or lower by $254.
For the week, Bitcoin was trading higher by nearly 1.55%. For the month, the cryptocurrency was higher by nearly 1.28%.
Ethereum was trading at approximately $1,335.2 (-2.07%), or lower by more than $28.2.
For the week, Ethereum was trading higher by almost 4.3%. For the month, it was trading higher by approximately 2.3%.
Dogecoin was trading at $0.059579 (-1.2%), or lower by approximately $0.000725.
For the week, Dogecoin was higher by nearly 2.35%. For the month, however, the crypto was lower by more than 5.05%.Posted by FOX Business Team ShareGas, diesel prices fall nationwide overnightBoth gasoline and diesel prices dropped slightly overnight nationwide, with gas prices now $3.793 and diesel $5.326. (gasprices.aaa.com)
Gas prices slipped slightly early Monday morning, continuing the trend for the last week, according to AAA.
The price of a gallon of gasoline on Monday was $3.793. On Sunday, that same gallon of gasoline cost $3.796 nationwide. On Saturday, a gallon of gasoline nationwide cost $3.803.
One week ago a gallon of gasoline cost $3.888 One month ago, that same gallon of gasoline cost $3.70 nationwide. One year ago, a gallon of gasoline cost $3.385 per gallon.
Gas hit an all-time high on June 14 of $5.06 per gallon nationwide, approximately 19 weeks ago.
Meanwhile, the price a gallon of diesel fell for the first in more than a week to $5.326 early Monday. Thats down slight more than half a cent from Sundays price of $5.332 and Saturdays $5.334.
On week ago, a gallon of diesel cost $5.284, while a month ago, the cost was $4.906. One year ago, a gallon of diesel nationwide sold for 3.603.Posted by FOX Business Team ShareDisney hit with massive lawsuit over access to parksTwo Disney annual passholders have filed a lawsuit against Walt Disney World over the amusement park’s reservation system implemented during the COVID-19 pandemic. (Reuters)
Two Disney annual passholders have filed a lawsuit against Walt Disney World over the park’s reservation system that was implemented during the COVID-19 pandemic.
The system requires passholders and guests with tickets ranging from one to 10 days to make a reservation in order to visit. The plaintiffs allege that the theme park company is breaching its passholders’ contract by restricting access to the theme parks, according to FOX 35 Orlando.
The lawsuit was filed in Florida federal court on Tuesday by individuals identified as “E.K.” and “M.P.,” who have both been Walt Disney World passholders for several years, according to the lawsuit.
The lawsuit states E.L. and M.P. both purchased premium passes, which reportedly did not have “blockout dates” where passholders are unable to visit Disney’s theme parks due to high attendance.
However, during the pandemic in 2020, Walt Disney World added a park reservation system for all visitors to manage crowd size, and that system remains in place today.
“It was believed by the Plaintiffs and other members of the class that this reservation system would only be temporary and would end once the threat of the pandemic lessened because they had not been subjected to this system pre-pandemic,” the lawsuit obtained by FOX 35 states.
“By restricting access to the park, Disney effectively unilaterally modified all Platinum Pass holders and Platinum Plus pass holders contracts. These pass holders were forced to reluctantly agree to the terms of this new agreement, having no meaningful alternative.”
The plaintiffs are also challenging the limits on “park hopping,” a feature that allows guests to visit multiple parks on the same day. Both passholders and day guests with “park hopper” tickets can still visit multiple parks, but not until 2 p.m., Disney’s website states.
“Plainly put, by choosing not to honor the term no Blockout Dates, Disney has engaged in breach of implied contract, breach of the implied covenant of good faith and fair dealing, and unfair and deceptive trade practices. Plaintiffs have initiated this lawsuit to remedy the foregoing and to seek actual damages, punitive damages, and injunctive relief,” the lawsuit states.Posted by Pilar Arias ShareUS stocks lower, investors encouraged by lower interest prospects, earningsStocks were lower early Monday morning as investors look to the prospect of lower interest rates and third-quarter earnings reports results. (Associated Press)
U.S. stocks edged lower early Monday after the major averages displayed encouraging results for the week for the first time since June on Friday.
Stocks showed their best three-week stretch since November 2020, boosted by the prospect of a slower pace to interest hikes by the Fed as well as third-quarter earnings reports results.
Major indexes started Friday with declines before turning higher, finishing the session near their highs of the day. The Dow added 748.97 points, or 2.5%, to 31082.56. The S&P 500 added 86.97 points, or 2.4%, to 3752.75. The technology-focused Nasdaq Composite added 244.87 points, or 2.3%, to 10859.72.
All three major indexes ended with weekly gains of at least 4.7%, a reprieve after a prolonged period of volatility that has been marked by big swings for stocks and bonds around the globe.
Investors have been focusing on corporate earnings as they search for clues about how inflation and rising interest rates are shaping global economies.
The Federal Reserve is expected to raise interest rates another three-quarters of a percentage point at its meeting in November. That’s triple the size of the Feds usual move.
The dollar’s growing strength against the yen and other currencies has added to inflationary pressures in those countries by pushing up the costs of imports and of debt repayments.
Meanwhile, Asian shares were mixed Monday, as benchmarks fell in Hong Kong and Shanghai after Beijing reported that the Chinese economy gained momentum in the last quarter.
Benchmarks were higher in Tokyo, Sydney and Seoul.
Market watchers are keeping a cautious eye on inflationary pressures and any signs of risk for regional slowdowns. The second-largest economy grew at a 3.9% annual pace, up from the previous quarter’s 0.4%, but that still was among the slowest expansions in decades as the country wrestled with repeated closures of cities to fight virus outbreaks.
Japans benchmark Nikkei 225 added 0.5% in afternoon trading to 27,029.83. Australias S&P/ASX 200 gained 1.5% to 6,779.40. South Koreas Kospi gained 0.9% to 2,232.59. Hong Kongs Hang Seng lost 6.3% to 15,185.93, while the Shanghai Composite index shed 1.9% to 2,982.50.
The future for Londons FTSE 100 edged lower after former Prime Minister Boris Johnson announced he will not run to lead the Conservative Party. Former Treasury chief Rishi Sunak is now the favorite to replace Liz Truss, who quit last week after her tax-cutting economic package caused turmoil in financial markets.Posted by Associated Press Share Oil slides, Chinese demand lackluster in September, data showsOil prices slid 1% overnight due to lower demand in China brought on by strict COVID-19 olicies. (Getty Images)
Oil prices slid more than 1% on Monday after Chinese data showed that demand from the world’s largest crude importer remained lackluster in September as strict COVID-19 policies and fuel export curbs depressed consumption.
Brent crude futures for December settlement slid $1, or 1.1%, to $92.50 a barrel by 0609 GMT after rising 2% last week. U.S. West Texas Intermediate crude for December delivery was at $84.02 a barrel, down $1.03, or 1.2%.
Although higher than in August, China’s September crude imports of 9.79 million barrels per day were 2% below a year earlier, customs data showed on Monday, as independent refiners curbed throughput amid thin margins and lackluster demand.
“The recent recovery in oil imports faltered in September,” ANZ analysts said in a note, adding that independent refiners failed to utilize increased quotas as ongoing COVID-related lockdowns weighed on demand.
“This was exacerbated by falling refinery margins and product export curbs,” the analysts said. Saudi Arabia and Russia were neck and neck as China’s top two suppliers in September.
Uncertainty over China’s zero-COVID policy and property crisis are undermining the effectiveness of pro-growth measures, ING analysts said in a note, even though third-quarter gross domestic product (GDP) growth beat expectations.
“This was exacerbated by falling refinery margins and product export curbs,” the analysts said.
Saudi Arabia and Russia were neck and neck as China’s top two suppliers in September.
Uncertainty over China’s zero-COVID policy and property crisis are undermining the effectiveness of pro-growth measures, ING analysts said in a note, even though third-quarter gross domestic product (GDP) growth beat expectations.Posted by Reuters Share
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