Major Indexes Sink as Oil Prices Extend Surge; Dow Sheds 550 Points

A New Study Says Americans Are Embracing ‘Financial Nihilism’ as They Try to Keep Up. Here’s What That Means

FROM 26 minutes ago

The stock market has reached record highs this year—but some Americans think they’ll need to supercharge their portfolio with risk to meet their financial aims.

Nearly three-quarters of Americans who felt financially behind expressed feeling “financial nihilism,” according to a Northwestern Mutual survey of more than 4,300 adults. The term, the company said, refers to the belief that particularly high-risk moves—including cryptocurrency, betting and prediction markets—can better help them reach their goals than more traditional methods, like index and target-date funds.

Americans have in recent years faced a slowing labor market, rising higher education costs, and a competitive housing market, factors that may be influencing their relationship with money. Gen Z, the oldest who are 29, and Millennials were the most likely to feel this way, according to Northwestern Mutual.

“When people feel behind, they often look for shortcuts,” said John Roberts, a chief field officer at Northwestern Mutual, in a press release. “But building financial security is rarely about cutting corners. It’s about consistency, discipline, and protection.”

In the survey, more than one-third of Gen Zers and Millennials said they had or were considering investing in cryptocurrency this year. Nearly a third of Gen Zers expressed a similar interest in sports betting and prediction markets.

Read the full article here.

–Trina Paul

From Eggs to Coffee: The Price Surprises Hiding in February’s CPI Report

FROM 1 hr 27 min ago

The February Consumer Price Index (CPI) report was released Wednesday, showing overall prices rose 2.4% from a year earlier—the same annual pace as January.

But that steady headline number masks significant variation beneath the surface. Even as overall inflation has cooled, price changes across categories are far from uniform, with some falling sharply while others continue to rise.

For consumers weary of continually rising prices, there’s some good news in the February CPI report. While inflation remains elevated compared with the Federal Reserve’s target of 2%, several everyday categories actually cost less now than they did a year ago—and in a few cases, much less.

Read the full article here.

–Sabrina Karl

Firefly Aerospace Stock Soars on Successful Mission Launch

FROM 2 hr 12 min ago

Firefly Aerospace (FLY) stock has tumbled since the space and defense technology firm went public last August. It looks like it will chip away at losses when markets open today.

Shares of Firefly Aerospace soared 12% before the bell Thursday, a day after the Cedar Park, Texas-based company announced it had successfully launched its Alpha Flight 7 Stairway to Seven mission from California’s Vandenberg Space Force Base.

“Alpha Flight 7 was flawlessly executed with all mission requirements completed, further proving the resiliency, innovation, and passion of the Firefly team,” Firefly Aerospace CEO Jason Kim said. “Over the last several months, we took a hard look at our processes across engineering, production, test, integration, and operations and invested the time required to make a series of improvements to ensure a higher level of quality and reliability in every Alpha we deliver and launch as we move to our Block II upgrade.”

Firefly Aerospace shares entered Thursday having lost nearly two-thirds of their value since the company’s initial public offering.

War Could Push Up More Than Just Gas Prices

FROM 2 hr 36 min ago

You’ve seen the war-related surge in prices at the gas pump—expect to see price increases just about everywhere else before too long.

The 60-cent-per-gallon jump in gasoline prices since the war began is just the beginning, economists warned this week.

The war in Iran has restricted sea traffic through the critical Strait of Hormuz, choking off about 20% of the world’s oil supply and causing prices to spike. That’s translated into higher gas and, especially, diesel fuel costs. Diesel was $4.81 a gallon Wednesday, up $1.07 since March 1, Patrick DeHaan, head of petroleum analysis at Gasbuddy, posted on social media.

A surge in fuel prices isn’t just a surge in fuel prices. It can push up costs for everything that’s delivered by truck or uses vehicles and machinery, which, in the U.S., is just about everything.

Read the full article here.

–Diccon Hyatt

How the Iran War Could Affect Your Summer Airfare: What You Need to Know and When to Book

FROM 2 hr 36 min ago

Book your summer flights now. That’s the advice of travel experts watching the cascading effects on airline fares from the Iran war.

Jet fuel has climbed more than a third above its prewar price, and airlines are already repricing summer routes in real time.1 United Airlines (UAL) CEO Scott Kirby warned the hit to ticket prices would “probably start quick.”2 Airfares were already increasing before hostilities began, jumping 6.5% in January alone.3 Now carriers are layering on fuel surcharges for international routes and hiking business-class fares first, knowing those travelers won’t blink.

The summer booking window you’d normally wait for—that 15-to-45-day sweet spot before departure—is probably too late this year, travel experts warn. Waiting is a gamble not just on unpredictable events in the Middle East but that airlines will lower prices they’re likely to raise in the meantime.

Read the full article here.

–Peter Gratton

Here’s How Much Adobe Stock Is Expected to Move After Earnings

FROM 3 hr 27 min ago

Adobe is set to report earnings after the market closes Thursday, with traders anticipating a big move from the Photoshop maker’s stock following the results.

Based on current options pricing, traders expect Adobe (ADBE) stock could move up to 7% in either direction by the end of the week. A move of that size from Wednesday’s close could lift the stock close to $293, recovering some of its recent losses. The low end of that range could drag the stock below $255.

Adobe shares have lost about a fifth of their value since the year began, amid a broader pullback in software stocks on concerns about disruption from AI. Oppenheimer analysts downgraded Adobe’s stock in January, saying it exemplifies many of the major challenges facing the application software industry.

Jefferies analysts warned ahead of the results that they don’t see many catalysts appearing in the near term, and that Adobe could continue to face pressure from growing competition.

Adobe is projected to report adjusted earnings per share of $5.87 on a 10% year-over-year jump in revenue to $6.28 billion for it fiscal first quarter, according to estimates collected by Visible Alpha.

Wall Street analysts are divided on the stock. Of the 12 analysts with current ratings tracked by Visible Alpha, just five recommend buying the shares, compared to four neutral and three “sell” ratings. Still, their average price target of $368 would suggest nearly 35% upside from Wednesday’s close.

–Aaron McDade

Stock Futures Fall as Oil Prices Extend Surge

FROM 3 hr 51 min ago

Futures contracts connected to the Dow Jones Industrial Average were down 0.5%.

S&P 500 futures were 0.4% lower.

Nasdaq 100 futures also pointed down 0.4%.