Latest stock market news: Recession deters stock investors, Adobe shares soar while Avaya shares plummet, Senate passes temporary funding bill

Barstool’s Dave Portnoy is raising his voice on Elon Musk’s haters, while also sharing what he really thinks about FTX’s Sam Bankman-Fried.

FTX CEO John J Ray III pulled back the curtain on members of Congress over how Sam Bankman-Fried drove the crypto company into the ground a day after he was arrested in the Bahamas.

The week in pictures.

US stocks fell sharply on Friday after the Dow Jones Industrial Averages fell 764 points Thursday, as recession fears continue to plague investors. For the week, all three major averages will be down at least 1%. In commodities, oil fell more than 3% to the level of $73 a barrel.

The housing market is facing more headwind because the average rent is rising.

America’s largest companies are tapping into the bond market in a shaky economy. Here’s what it can mean.

US stock futures fell again on Friday after a week of economic data and another rate hike by the US Federal Reserve.

The Dow Jones Industrial Average futures are down about 323 points, or 0.97%, while the S&P and Nasdaq futures are down 0.95% and 0.53%, respectively.

In the past five days, the Dow is now down 1.83%, the S&P is down 1.02% and the tech-heavy Nasdaq is down 2.28%.

During leisure travel, shares of Southwest Airlines fell 0.70% pre-market, Delta was up 0.75%, while United and American Airlines fell 0.34% and 0.54%, respectively.

Major tech stocks are up and down on Friday as the Nasdaq drops even lower with Meta up close to 2.24% pre-market, Apple up about 0.02% and Microsoft down close to 0.61%.

In commodities, West Texas Intermediate crude oil futures fell 1.97% to $74.61 a barrel, while gold rose 0.44% to $1,795.60 an ounce.

US stock futures appear to be extending losses from the previous session on the risk that the Federal Reserve and other central banks will eventually trigger recessions to control inflation.

Major futures indices are pointing to losses of nearly 1% as the opening bell rings on Wall Street.

Oil was trading lower on Friday on concerns about recent interest rate hikes at central banks.

Contracts were poised for the biggest weekly gains in 10 weeks amid concerns of supply disruptions and hopes of demand recovery in China.

West Texas Intermediate futures were trading around $74.00 a barrel.

Brent crude futures traded around $79.00 a barrel.

Shares sold off on Thursday as central banks in Europe hiked rates the day after the US Federal Reserve raised its key rate again.

Retail sales for November also fell 0.6%, more than expected, while two manufacturing reports contracted.

The S&P 500 fell 2.5% to 3,895.75, erasing the gains made earlier in the week. The tech-heavy Nasdaq composite lost 3.2% to 10,810.53 and the Dow gained 2.2% to 33,202.22.

In Asia, the Nikkei 225 in Tokyo lost 2% on Friday after a survey of manufacturers showed further contraction in production.

Hong Kong’s Hang Seng rose 0.4% and China’s Shanghai Composite index lost 0.1%.

The yield on the 10-year government bond, which influences mortgage rates, was 3.48% on Friday morning.

Following the collapse of FTX, the cryptocurrency exchange once valued at $32 billion, a lot of attention turned to the now bankrupt company’s most prominent investors and celebrities.

But with over 1 million creditors, many young people and mom-and-pop investors will be left with the bag.

A bankruptcy court hearing, scheduled for Friday at 10 a.m. EST, could shed more light on the full spectrum of those who lost money due to the FTX implosion. A motion to release a full list of FTX’s creditors, including their names and email addresses, will be considered at the hearing.

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Formerly one of the largest cryptocurrency exchanges in the world, FTX is looking to sell four of its businesses.

In a filing filed Thursday in Delaware bankruptcy court, FTX said it is seeking bids for Embed Financial Technologies, LedgerX, FTX Japan and FTX Europe.

According to the filing, the cryptocurrency exchange said the four companies have experienced “regular pressures deserving of a quick sale process,” as well as “significant attrition pressure from customers and employees,” according to the filing.

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Bitcoin and other cryptocurrencies fell Friday morning following news that Mazars, the accounting firm that partners with Binance and other crypto exchanges on proof-of-reserves statements, has reportedly suspended all work for crypto clients, Binance said in a statement. a statement emailed and reported by Coindesk.

The accounting firm conducted a proof-of-reserves assessment of Binance and found that the bitcoin reserves had too much collateral.

Bitcoin was trading around $17,000 the day after hitting a three-day winning streak.

For the week, Bitcoin has gained less than 1%.

For the month, the cryptocurrency has gained 1.6% but is down more than 62% so far.

Ethereum was trading near USD 1,200, after falling more than 1% over the past week.

Dogecoin was trading at 8 cents, after falling 14% in the past week.

Avaya Holdings Corp. is reportedly moving toward a Chapter 11 bankruptcy filing to restructure its balance sheet.

Shares of the company plummet 24% in premarket trading.

The company is trying to turn its business around and move past accounting issues, celebrities told the Wall Street Journal.

Avaya has reviewed several restructuring proposals from competing creditor groups.

One plan receiving support includes Apollo Global Management, which would significantly reduce Avaya’s debt burden through Chapter 11, wipe out shareholders, and indemnify directors and executives from potential lawsuits.

Another plan, backed by Avaya unsecured bond holders, proposes to restructure the company out of court, including issuing new bonds and loans to pay off old debt, the people said.

Avaya declined to comment to The Journal.

Avaya is struggling to make money as it tries to transform itself from a traditional office hardware company to a subscription-based software company, according to a report from S&P Global Ratings.

Adobe Inc. said fourth-quarter revenue was up 10% based on demand for its software and services.

The company issued earnings estimates for the current quarter that beat Wall Street analysts’ forecasts.

Stocks are up 4% in premarket trading.

Adobe posted earnings of $1.18 billion, or $2.53 per share, compared to $1.23 billion, or $2.57 per share, a year ago, according to the Wall Street Journal.

Adjusted earnings came in at $3.60, higher than analyst estimates of $3.50 per share, according to FactSet.

Sales came in at $4.5 billion, in line with Wall Street estimates.

It said it expects adjusted earnings of $3.65 to $3.70 in the current quarter. Analysts polled by FactSet were expecting $3.64. It forecast earnings broadly in line with Wall Street estimates.

After several prominent media critics of Twitter owner Elon Musk were banned from the platform without reason on Thursday, an explanation was finally offered.

In a series of tweets, Musk said the journalists, including CNN correspondent Donie O’Sullivan, New York Times technology reporter Ryan Mac, Washington Post reporter Drew Harwell, The Intercept journalist Micah Lee, Mashable writer Matt Binder, former MSNBC host Keith Olbermann and former Vox journalist Aaron Rupar allegedly violated the platform’s new policy of not sharing location information.

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The nationwide price for a gallon of gasoline fell to $3,178 on Friday, according to AAA.

The average price of a gallon of gasoline on Thursday was $3,193.

It has been a week since the price of a liter of regular petrol fell below that of a year ago.

A year ago, the price for a gallon of regular gasoline was $3,316.

A week ago, a gallon of gasoline cost $3,315. A month ago, that same gallon of gasoline cost $3,743.

Gas reached an all-time high of $5,016 on June 14.

Diesel has dropped below $5.00 a gallon to $4,809, but that’s still a long way from $3,591 a year ago.

Oil was trading lower on Friday on concerns about recent interest rate hikes at central banks.

Contracts were poised for the biggest weekly gains in 10 weeks amid concerns of supply disruptions and hopes of demand recovery in China.

West Texas Intermediate futures were trading around $74.00 a barrel.

Brent crude futures traded around $79.00 a barrel.

According to Reuters, both benchmarks fell 2% in the previous session on strong dollar and interest rate hikes from Europe’s central banks.

The US Federal Reserve has indicated that it will raise interest rates further next year.

The Bank of England and the European Central Bank raised interest rates on Thursday to fight inflation.