LIVE MARKET UPDATE: Stocks, oil rise with Fed in focus, Amgen’s $27B Horizon deal,Binance hits back

Consumer inflation data on tap

The CPI will provide fresh clues on inflation at the consumer level one day before the Federal Reserve holds its final meeting of the year.

Binance beats back unfavorable report

Crypto firm Binance is pushing back on a report that the Department of Justice is investigating.

Celebrity Chef Daniel Boulud

Celebrity Chef Daniel Boulud, who heads multiple Michelin-starred operations, is launching new restaurants and concepts.

Dow jumps 500 points with inflation data on tap

Investors bid up U.S. stocks with all three of the major averages rising over 1% as investors handicap Tuesday’s consumer price index which may show inflation eased slightly. In commodities, oil rose 3% to $73.17 per barrel. For the month, oil has slipped over 9%.

Amgen is spreading its footprint

Biotech giant Amgen purchased Horizon Therapeutics to expand its drug and development pipeline for rare diseases.

Microsoft and the London Stock Exchange

Microsoft made an investment in the London Stock Exchange. Here’s an inside look at the deal…

Inflation fears ease

Americans are growing a bit more positive on how bad inflation might get, according to a report from the Federal Reserve Bank of New York. This comes ahead of Tuesday’s consumer price index.

Millions of Americans are increasing their use of payment apps, including PayPal and Venmo. That means more will be subject to potential IRS tax consequences.

Stocks rise ahead of inflation data, Fed meeting later in the week

All three of the major U.S. benchmark stock averages rose to start the week ahead of consumer inflation data, retail sales and the Federal Reserve’s final meeting of 2022. In deal news, Amgen is buying Horizon Therapeutics for $27.8 billion.

In commodities, oil ticked higher to the $72 per barrel level.

Futures at a glance

U.S. stock futures are slightly higher on Monday ahead of key inflation data and the Federal Reserve’s final meeting of the year.

Dow Jones Industrial Average futures are up roughly 81 points, or 0.24%, while S&P and Nasdaq futures 0.31% and 0.3% higher, respectively.

Over the last five days, the Dow is off by 0.60%, the S&P is off by 1.49% and the tech-heavy Nasdaq is down by 0.86%.

Shares of Meta are up 0.37%, Apple is higher by 0.36%, while Microsoft and Nvidia climbed 0.48% and 0.66%, respectively.

In commodities, West Texas Intermediate crude futures rose 0.72% to $71.56 a barrel, as gold dropped 0.5% to $1,801.60 an ounce.

Bitcoin, Ethereum, Dogecoin all lower

Cryptocurrency prices were lower early Monday.

At approximately 5:15 a.m. ET, Bitcoin was trading at nearly $16,975 (-0.71%), or lower by $119.For the week, Bitcoin was trading lower by 0.28%. For the month, however, the cryptocurrency was higher by 0.81%.

Ethereum was trading at approximately $1,253.2 (-0.78%), or lower by about $9.80.

For the week, Ethereum was trading lower by nearly 1.50%. For the month, it was trading lower by approximately 1.85%.

Dogecoin was trading at $0.089346 (-3.60%).

For the week, Dogecoin was lower by almost 11.25%. For the month, the crypto was higher by nearly 9.40%.

Gas, diesel prices continue to drop

The nationwide price for a gallon of gasoline slipped Monday to $3.262. On Sunday, the price stood at $3.277, according to AAA. On Saturday, the average price of a gallon of gasoline was $3.295.

This past week, the price of a gallon of regular gasoline slipped below its price one year ago.

A year ago, the price for a gallon of regular gasoline was $3.329 nationwide. One week ago, a gallon of gasoline cost $3.403 A month ago, that same gallon of gasoline cost $3.783.

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

Meanwhile, diesel slipped below $5.00 per gallon Monday to $4.917. On Sunday, it stood at $4.939, but that is still a far cry from the $3.602 of a year ago.

A week ago diesel prices stood at $5.077, according to AAA. One month ago, diesel cost $5.365 nationwide.

Oil edges up as key pipeline shut, Putin threatens production cut

Oil prices rose more than 1% on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.

Brent crude futures were up 41 cents, or 0.5%, at $76.51 a barrel by 0730 GMT.

U.S. West Texas Intermediate crude was at $71.55 a barrel, up 53 cents, or 0.8%. The price gains on Monday for Brent and WTI came after both grades fell last week to their lowest since December 2021 amid concerns that a possible global recession will impact oil demand.

“Oil prices are higher as the Keystone pipeline remains shut, China’s COVID controls ease and on concerns that Russia could reduce output,” said Edward Moya, a senior market analyst for OANDA.

On Sunday, Canada’s TC Energy said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. It gave no timeline as to when the pipeline would resume operation.

The 622,000 barrel-per-day Keystone line is a critical artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast.

Putin said on Friday that Russia, the world’s biggest exporter of energy, could cut production and would refuse to sell oil to any country that imposes a “stupid” price cap on Russian exports agreed by G7 nations.

While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions have had a limited impact on global markets so far, ANZ analysts said in a note.

Saudi Arabia’s energy minister also said on Sunday that the impact of the European sanctions and price cap measures had had no clear results yet, and that its implementation was still unclear.