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incoming update…Stocks rebound WednesdayU.S. equity futures were higher across the board following Tuesday’s decline as investors look towards fresh data on home sales.

Southwest Airlines cancelled thousands of more flights Wednesday morning pressuring shares for a second session after dropping 6% Tuesday. The Federal Government is investigating according to Transportation Secretary Pete Buttigieg. CEO Bob Jordan apologized to customers late Tuesday.

POLITICSSouthwest Airlines CEO apologizes to travelers over flight cancelation havoc as Senate pledges to investigate Southwest Airlines CEO Bob Jordan apologized to travelers as the Senate Commerce Committee pledged to investigate airline canceling thousands of flights.

Oil prices traded below the $80 per barrel level on concerns about demand in China.Posted by FOX Business Team ShareLottery latest on Mega Millions numbersLIFESTYLEHere are the winning numbers for Tuesday night’s Mega Millions drawingFriday’s Mega Millions jackpot jumped to an estimated $640 million, with a cash prize option of $328.3 million.

There was no winner on Tuesday for the Mega Millions jackpot which has now swelled to a new high.Posted by FOX Business Team ShareHousing data on tapPending home sale sign on a property (AP)

The National Association of Realtors will report its index of pending home sales for November.

Economists surveyed by Refinitiv are looking for a drop of 0.8%, the twelfth decline in the last 13 months as buyers struggle with surging borrowing costs and high prices. 

That would leave the index at its lowest level since June 2010 if you exclude the pandemic. 

Recall that a sale is pending when a contract to buy a previously owned home has been signed but not yet closed. 

The report follows data out Tuesday from S&P CoreLogic Case-Shiller showing that home prices fell less than expected in October, and rose 8.6% annually.Posted by Ken Martin ShareSenate pledges to investigate Southwest flight cancelationsSouthwest Airlines (Getty Images)

Southwest Airlines shares were another 0.5% lower in premarket trading after falling nearly 6% in the regular session.

The Senate Commerce Committee will investigate the carrier after thousands of flights were canceled over the past week, leaving travelers stranded in airports over the holidays. 

Transportation Secretary Pete Buttigieg also said Tuesday he’s “made clear” to Southwest’s executives that his agency will hold the airline “accountable for making things right with their customers and employees.”

Continue readingPosted by Ken Martin ShareFTX customers file class action saying assets belong to themFTX logo (AP)

FTX customers filed a class action lawsuit against the failed crypto exchange as the company’s assets dwindle.

The filing is seeking a declaration that the company’s holdings of digital assets belong to customers.

FTX was sued on Tuesday along with its former top executives including Sam Bankman-Fried.

FTX  is already feuding with liquidators in the Bahamas and Antigua as well as the bankruptcy estate of Blockfi, another failed crypto company.

Continue readingPosted by Ken Martin ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were lower Wednesday morningBitcoin was trading around $16,000, after trading down over the last three days.

For the week, Bitcoin was trading lower by more than 1%.

For the month, the cryptocurrency was down more than 2% and down more than 63% year-to-date.

Ethereum was trading around $1.200, after losing 0.5% in the past week.

Dogecoin was trading at 7 cents, after losing more than 1% in the past week.Posted by Ken Martin ShareTesla shares extend losses on demand worriesTesla CEO Elon Musk (Getty Images/AP)

Tesla shares were 3% lower in premarket trading, after falling 11% in the regular session.

Reuters reported that Tesla was planning to run a reduced production schedule in January at its Shanghai plant sparking worries of a drop in demand in the world’s biggest car market.

The stock has lost more than half its value since the start of October as investors worry that Twitter was taking much of Chief Executive Elon Musk’s time while fretting about his stake sale in the electric-car maker.

The world’s most valuable automaker’s production cuts at the Shanghai plant come amid a rising number of COVID-19 infections in the country.Posted by Ken Martin ShareGasoline price continues to riseGas prices (AAA)

The nationwide price for a gallon of gasoline bumped up on Wednesday to $3.133, according to AAA.

The average price of a gallon of gasoline on Tuesday was $3.104.

A year ago, the price for a gallon of regular gasoline was $3.284.

One week ago, a gallon of gasoline cost $3.108. A month ago, that same gallon of gasoline cost $3.546.

Gas hit an all-time high of $5.016 on June 14.

Diesel has slipped below $5.00 per gallon to $4.675, but that is still a far cry from the $3.570 of a year ago.Posted by Ken Martin ShareOil prices slip on China demand hopesOil rigs pumping (Reuters)

Oil prices traded lower on Wednesday on concerns about fuel demand recovery in China.

U.S. crude traded around $79.00 per barrel.

Brent futures traded around $84.00 a barrel.

Both benchmarks hit their highest level in three weeks on Tuesday.

China is moving toward reopening its borders next month after three years of stringent curbs on movement and businesses to counter the spread of COVID, according to Reuters.

Elsewhere U.S. output has been disrupted by an Arctic blast sending temperatures well below freezing, cutting oil and gas production from North Dakota and Texas. 

Industry group American Petroleum Institute is due to release data on U.S. crude inventories on Wednesday. Posted by Ken Martin Share

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