Business News

The Google LLC logo is visible at their office in Manhattan, New York, New York, USA, November 17, 2021. REUTERS / Andrew Kelly

I’m registering

AUCKLAND, Calif., March 2 – Google’s Alphabet Inc. (GOOGL.O) on April 4 will require employees back about three days a week at some of its offices in the United States, the United Kingdom and the Asia-Pacific region, its first step to end policies that allowed remote work due to concerns about COVID-19.

An internal email seen by Reuters on Wednesday told San Francisco Bay Area officials that “progress in prevention and treatment, the steady decline in cases we continue to see, and the improved safety measures we have implemented … now means we can officially start the transition to a hybrid work week. “

Google is joining a wave of technology and finance companies that have begun to demand a return to work. While some large employers have adopted volunteering policies from home permanently, others, including Google, have argued that it is best to encourage personal interactions between colleagues.

I’m registering

Google expects most employees to be in offices about three days a week, with some differences depending on the team and role.

Everyone who comes to the office must be fully vaccinated against COVID-19 or have an approved exemption, according to an email from John Casey, Google’s vice president of global benefits. Without exception, unvaccinated workers will be given the opportunity to seek one or apply for permanent telecommuting.

Fully vaccinated workers will not have to wear masks in Gulf offices, Casey said.

Google declined to name other locations that will return to normal on April 4, pending official announcements to workers at those sites.

Employees who are not ready to return on April 4 may also seek an extension of remote work, Google said.

Since last June, Google has approved nearly 14,000 employees worldwide to move to a new location or move completely away, Casey said. About 15% of applications were rejected, he added.

Google has largely restored office benefits such as free meals, massages and public transportation. But while business visitors and meetings are allowed, employees are still unable to bring families or children to dinner or attend.

I’m registering

Report by Paresh Dave Edited by Chizu Nomiyama, Bernard Or

Our standards: ‘ principles of trust.

US stocks rose as oil fell from record highs as investors watched Russia’s invasion of Ukraine and how the jump in commodity prices is likely to affect inflation and Federal Reserve monetary policy.

The S&P 500 added 0.5% in morning trading on Thursday after rising sharply on Wednesday. The technology-focused Nasdaq Composite Index rose 0.1% and the Dow Jones Industrial Average rose 0.7%.

U.S. crude oil prices briefly rose above $ 115 a barrel for the first time since 2008 before trading back to $ 110.12 a barrel as refineries refrained from buying Russian oil, reducing global energy supply. . Crude Brent futures, the international benchmark, fell 1.1 percent to $ 111.67. Investors are worried that the continued rise in oil prices could portend a combination of slower growth and higher inflation.

Moscow’s invasion of Ukraine injects instability into wider markets. Investors are trying to assess how avoiding Russian goods, including oil, will lead to already high inflation and how aggressively central banks will raise interest rates when faced with additional price pressures and uncertain economic prospects.

“The inflationary impact of the spikes in oil and natural gas is clear. Inflation will be more sticky. Interest rates will be raised by central banks worried about inflation, and this will have a bad effect on growth, “said Edward Park, chief investment officer at British investment firm Brooks Macdonald. “Stagflation is the big concern for 2023.

Moscow’s invasion of Ukraine injects instability into wider markets.

Photo: Ali Joseph / Associated Press

Natural gas prices in Europe rose 2.1%, based on a jump this week. Investors are worried that natural gas supplies to Europe could be disrupted as a result of the war. According to analysts, about a third of Russian gas exports to Europe pass through Ukraine.

Shares of energy companies, which are likely to benefit from higher oil prices, have been hesitant about prices. ConocoPhillips and Occidental Petroleum fell about 1%.

Shares of Snowflake fell 13% after the company issued weaker-than-expected sales guidelines. Shares of Okta fell 6.4% after the software business provided guidance suggesting that aggressive investment would lead to greater-than-expected short-term losses to the end result. Kroger added more than 9.8% after announcing that its sales and profits rose.

The Pan-Continental Stoxx Europe 600 fell 0.3%. Russia’s stock markets remained closed for the fourth day in a row as the government sought to limit the sell-off while also imposing capital controls on the ruble.

Since Russia invaded Ukraine in late February, the United States and allies have imposed heavy sanctions on Russia. WSJ’s Shelby Holiday is immersed in how these sanctions affect everyone, from President Vladimir Putin to ordinary Russian citizens. Photo: Pavel Golovkin / Associated Press

The London Stock Exchange has stopped trading more than 50 Russian stocks. MSCI Inc. Index Providers and FTSE Russell said they would cut Russian stocks from their benchmarks next week, and S&P Dow Jones Indices is considering doing the same.

The roll fell 4.6 percent on Thursday against the green dollar to 112 rubles a dollar, according to FactSet. Traders say the reluctance of investors and brokers to touch the currency has limited the ease with which they can trade it. Currencies in nearby countries have also fallen against the dollar as investors worry about economic spillovers. The Polish zloty fell 0.9% and the Hungarian forint 0.6%.

In the US bond markets, yields on benchmark 10-year government securities rose to 1.896% from 1.862% on Wednesday. Profitability and prices are moving backwards.

Major stock indexes in Asia have largely won. South Korea’s Kospi jumped 1.6 percent and Japan’s Nikkei 225 rose 0.7 percent. China’s Shanghai Composite fell 0.1%.

Write to Caitlin Ostroff at [email protected]

Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Russia’s invasion of Ukraine has created a dilemma for US investment firms, forcing them to unload Russian securities when the country’s stock market is closed and foreigners are blocked from selling shares there.

In response to sanctions and other steps taken by the United States and other countries to punish Russia, the Moscow Stock Exchange has suspended stock trading every day this week until Thursday. Russia on Monday banned brokers from selling securities owned by foreign investors.

Some US money managers with Russian securities held in funds focused on emerging markets are worried that their investors will withdraw money because of fears of exposing them to Russia. If they cannot sell Russian stocks to meet demand, funds may be forced to run out of cash or sell other assets.

This could deal a double blow to emerging market managers: a reduction in the share of their assets in liquid assets, which coincides with an increase in the weight of their Russian assets.

Some companies are considering asking the Securities and Exchange Commission to release from the ceiling the share of illiquid securities that funds can hold – currently 15% – and the rules governing repurchases, said people familiar with the matter. An SEC spokesman declined to comment.

Conflicts such as the Russian invasion of Ukraine have historically led to lower stock prices and increased the value of some commodities. WSJ’s Dion Rabuin explains the psychology of investors that drives markets. Photo: Justin Lane / EPA / Shutterstock

BlackRock Inc. BLK 1.62% is one of the few money managers who have had informal discussions with SEC staff about the challenges they face and the ways in which pressure can be alleviated.

BlackRock “actively consults with regulators, index providers and other market participants to ensure that our clients can leave their positions in Russian securities when and where regulatory and market conditions allow,” a spokesman for the manager said. fund in a statement. He added that the company “is taking all necessary actions to ensure compliance with applicable laws and regulations on sanctions related to investments in Russia.”

US mutual funds and exchange-traded funds held more than $ 71 billion in Russian stocks and bonds at the end of January, according to Morningstar Direct.

Clients of some mutual funds that hold Russian stocks and bonds withdrew more money than they added last month. Net outflows from Invesco Ltd. IVZ -1.34% of the Emerging Markets Fund, whose Russian shares accounted for 7.9% of assets at the end of the year, amounted to about $ 348 million in February, according to a preliminary estimate compiled by Morningstar Direct. Harding Loevner’s Portfolio Fund for Institutional Emerging Markets, with more than 8% invested in Russia in early February, had outflows of $ 221.6 million, Morningstar Direct reported.

Mutual funds and ETFs, which can be purchased by individual investors, are subject to additional regulations and disclosure requirements that do not apply to private investment pools, such as hedge funds that are sold to institutions and wealthy families.

Subscribe to regular news

Markets

Preparation before launch, full of news, trends and ideas. Plus, current market data.

By law, mutual fund investors have the right to receive the closing price of their funds on the day they want to sell their shares. ETFs are traded as separate shares and can be sold at any time at their current market price.

Many managers state in their bid documents that they may relocate to limit or suspend redemption under certain conditions. In practice, however, funds rarely take these steps.

In March 2020, the SEC allowed mutual funds to borrow money from their parent companies to meet the influx of repurchase requests as the market collapsed in the early days of the Covid-19 pandemic.

In 2015, Third Avenue Focused Credit Fund of Third Avenue Management LLC became the first mutual fund to stop redemption without receiving an SEC order authorizing the relocation. The fund did so as it sought to liquidate its assets during a difficult period for unwanted bonds.

The SEC adopted new rules in 2016 requiring funds to review liquidity risks and hold a minimum amount of liquid securities.

SHARE YOUR THOUGHTS

Should regulators provide US investment firms with exemption from fund liquidity and redemption rules to help them cope with the consequences of the Russian invasion of Ukraine? Join the conversation below.

BlackRock, Van Eck Associates and Franklin Resources Inc. are among the companies that have recently taken steps to tackle steep ETF sales that focus on Russian stocks, changing the way they create new stocks or stopping those creations. Direxion Funds said it would liquidate its leveraged ETF in Russia later this month.

Industry leaders said they expected their challenges to worsen as indexers, including MSCI Inc., sought to exclude Russia from their benchmarks.

MSCI said on Wednesday it would remove Russian stocks from widely followed indices in emerging markets. The company said it had sought feedback from market participants and found an overwhelming majority confirming that the Russian stock market could not be invested at the moment and that Russian securities should be removed from the MSCI Emerging Markets Indices. .

Funds that seek to reflect the performance of popular benchmarks will struggle to match any changes in their Russian ratios if the market remains closed. As a result, the performance of these funds may begin to deviate from that of the indices they are trying to compare.

“If they still own stocks that are not part of the index, that would lead to a tracking error,” said Todd Rosenblut, head of ETF and mutual fund research at CFRA. “The longer this lasts, the greater the risk of not presenting yourself.

-Paul Kiernan contributed to this article.

Write to Justin Baer at [email protected]

Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

The Dow Jones Industrial Average scored 200 points on Thursday ahead of a possible second round of ceasefire talks between Russia and Ukraine and additional testimony from Fed chief Jerome Powell to Congress. Government bond yields rose quietly as US oil prices briefly rose above $ 116 a barrel before earnings fell.

x

After Wednesday, snowflake (SNOW) and Clean storage (PSTG) were among the companies reporting their quarterly results. Shares of SNOW fell 14% early on Thursday, while shares of Pure Storage jumped 14% in morning trading. in the meantime, Best buy (BBY) rose 5% on results early Thursday while Kroger (KR) jumped more than 7% in morning trading.

Among the leaders of the Dow Jones, Apple (AAPL) increased by 1% and Microsoft (MSFT) traded 0.5% on today’s stock market. UnitedHealth (UNH), a Dow Jones stock you should watch, is approaching a new buying point.

Intel (INTC) fell 1.5% at the start of trading after Morgan Stanley’s rating was downgraded. Leader of electric vehicles Tesla (TSLA) inches lower on Thursday.

Against the backdrop of a volatile market driven by titles, Commercial metals (CMC), Northern oil and gas (NOG), Palo Alto nets (PANW) and Specialty Ryan (RYAN) are among the best promotions to watch on Thursday. Keep in mind that the current conditions of the stock market must keep investors in cash and on the sidelines.

Microsoft and Tesla are shares of IBD Leaderboard. Commercial Metals was introduced in the stock column near the buying area this week. Ryan Specialty is the leader of the IPO.

Dow Jones today: head of the Fed Powell, Russian invasion

Following the opening of the market on Thursday, the Dow Jones traded 0.6%, while the S&P 500 rose 0.55%. Nasdaq rose 0.5% in morning trading. Among the stock traded funds, the Tracker Nasdaq 100 Invesco QQQ Trust (QQQ) rose 0.5% and the SPDR S&P 500 ETF (SPY) added 0.6% after opening on Thursday.

Yields on 10-year government bonds rose to 1.88% on Thursday morning. On Wednesday, the yield on 10-year bonds rose again above 1.86%. On February 15, the yield on 10-year government bonds peaked at over 2.06% – its highest level since August 2019. Meanwhile, US oil prices fell to about 3% on Thursday. West Texas Intermediate crude briefly traded above $ 116 a barrel before cutting profits.

Federal Reserve Chief Jerome Powell will testify before Congress for the second day in a row on Thursday at 10 a.m. ET. Commenting on Wednesday, Powell said: “We will use our political instruments, as appropriate, to prevent higher inflation, while promoting sustainable expansion and a strong labor market. We have gradually discontinued our net asset purchases. With inflation well above 2% and a strong labor market, we expect it to be appropriate to raise the target range for federal interest rates at our meeting later this month. “

In Ukraine, Russian forces overcame the city of Kherson, becoming the first regional capital to come under Russian occupation since the beginning of the invasion. Authorities in Ukraine have agreed to a second round of ceasefire talks scheduled for Thursday. The two sides held an earlier round of talks Monday.

Unemployment claims fell to 215,000 for the first time, better than Econoday’s expectations of 232,000 applications.

Attempt to rally the stock market

The stock market was strong on Wednesday as major stock indexes rose sharply. Thursday will be Day 6 of the ongoing rally experience, which means that the next day – a signal for the start of a new uptrend – is possible at any time. Against the background of the current instability, it is important to read and follow the IBD’s Big Picture column.

The Big Picture on Wednesday commented: “There were strong gains in all indices, with high enough jumps to justify the next day. The fly in the ointment was the volume that was lower both on the Nasdaq and, according to early data, also on The New York Stock Exchange. This missing vital ingredient means it doesn’t qualify as a rally confirmation. “

If you are new to IBD, consider looking at its stock trading system and the basics of CAN SLIM. Recognition of chart patterns is one of the keys to investment guidelines. IBD offers a wide range of lists of growth stocks, such as Leaderboard and SwingTrader.

Investors can also create watch lists, find companies approaching a point of purchase, or develop custom screens at IBD MarketSmith.

Four Dow Jones stocks to watch now

Dow Jones shares to monitor: UnitedHealth

UnitedHealth is building a double-bottom base that offers a 501.03 purchase point. Shares ended Wednesday above their 50-day moving average after rising 1.9%. Shares of UNH traded up 0.8% early Thursday.

The upward line of the relative strength of the shares is just at new highs, which shows a significant superiority in the stock market.

Four stocks with the highest growth to see this yearrent. Stock market adjustment

Watching Shares: Commercial Metals, Northern Oil, Palo Alto, Ryan Specialty

Texas-based Commercial Metals, a manufacturer of metal products for the construction industry, is trying to surpass the buying point of 38.82 in consolidation. The shares are about 1% above the entrance, as the shares regained their entry on Wednesday. The purchase area of ​​5% increases to 40.76. The CMC availability shows 98 of the perfect 99 IBD Composite Rating, to check the IBD Stock. Shares of CMC rose 1.5% on Thursday morning.

Northern Oil & Gas is still in the buying range after buying a cup with a handle of 25.57, according to an analysis of the IBD MarketSmith chart, after an increase of 1.75% on Wednesday. Shares of NOG fell more than 2% on Thursday.

Cybersecurity leader Palo Alto Networks continues to hold more than 572.77 points to buy a consolidation after gaining 0.9% on Wednesday. The buying area of ​​5% reaches 601.41. The RS line reached a new peak on the day of the breakthrough. Last week, the company reported strong profits and sales. Shares of Palo Alto rose nearly 1% in early Thursday.

IPO leader Ryan Specialty is again trying to surpass the buy point of 40.65 with a double bottom with a handle, as IPO shares rose nearly 5% on Wednesday. Shares of RYAN were slightly higher on Thursday morning.

Join IBD experts as they analyze leading stocks in the current IBD Live stock market adjustment

Tesla shares

Shares of Tesla fell on Thursday morning, threatening to return part of the profit of 1.8% on Wednesday. Shares resolutely regained their long-term 200-day moving average during a jump on Monday. Now look for the shares to continue your upward movement on the right side of a new base. The next key test for stocks could be the 50-day line, which is about 8% above its current price. Re-taking this line would be upward for the stock-based building process, while strong resistance could signal a longer period of consolidation.

The shares traded up to 1243.49 on November 4, but ended on Wednesday with about 29% of this highest record of all time.

Leaders of Dow Jones: Apple, Microsoft

Among the shares of Dow Jones, Apple is building a double-bottom base with 176.75 points to buy, according to an analysis of the chart of IBD MarketSmith. The shares are about 6% away from the new point of purchase. Shares of AAPL found support in their long-term 200-day line last week, but remain below their 50-day moving average. Shares of Apple rose 1% on Thursday.

How Dow Jones shares cope with the potential resistance on the 50-day line will be key to the likelihood of a breakout. If stocks find stable stability, then a longer period of consolidation is likely. However, if the shares resolutely regain this level, then the breakthrough may be on the near horizon. So far, Apple shares are about 2.5% below the 50-day line.

The relative strength of the shares remains close to the last peaks in the face of stock market weakness, which means that institutions are hesitant to sell their shares to Apple.

The leader in software Microsoft rose 1.8% on Wednesday, closing just over 200 days. The shares continue to build a base. Shares of MSFT rose 0.5% in early Thursday.

Don’t forget to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on the growth stocks and the Dow Jones Industrial Average index.

YOU MAY ALSO LIKE:

Shares with the highest growth to buy and watch

Learn how to synchronize your market with IBD’s ETF marketing strategy

Find the best long-term investments with long-term IBD leaders

MarketSmith: Research, charts, data and training all in one place

How to study rising stocks: Why this IBD tool simplifies finding the best stocks

Tesla Inc. TSLA 0.31% CEO Elon Musk said he was open to the United Auto Workers union, which voted to organize the company’s work after long opposing the move.

“Our real challenge is that Bay Area has negative unemployment, so if we don’t treat and compensate our (great) people well, they have a lot of other offers and will just leave!” Mr Musk said via Twitter late. on Wednesday. “I would now like to invite the UAW to hold a union vote when it is convenient for them. Tesla will do nothing to stop them, “he said.

UAW has no immediate comment.

Workers at Tesla, America’s largest carmaker, are not currently in unions. Some employees at the company’s plant in Fremont, California, tried to get organized a few years ago with the help of the United Auto Workers union. Tesla has taken steps to thwart these efforts, including “questioning” employees and threatening them with losing stock options, moves that violate U.S. labor laws, the National Labor Council said. The board ordered Mr Musk to delete a tweet that discourages unions, among other remedies. The manufacturer of electric vehicles is appealing the decision on board.

The lack of a Tesla workers’ union has made the electric vehicle maker somewhat of an outcast, as the Biden administration insists on forcing Americans to accept such vehicles. President Biden rejected Tesla during an August meeting at the White House for electric vehicles with UAW employees and executives from Ford, GM and Stellantis, who account for electric vehicles as part of their total sales. In a statement on the state of the Union this week, Mr Biden mentioned Ford Motor Co. and General Motors Co. for their investments in electric vehicles. Tesla, which produces more of these vehicles, was not mentioned.

Mr Musk has sometimes targeted the president. “Biden is a puppet for UAW socks,” the Tesla boss tweeted in October, using emojis to label socks.

The billionaire also opposed the Biden administration’s signed legislative proposal in December, criticizing federal efforts to encourage the adoption of electric vehicles, including a bill that would increase incentives to buy battery-powered cars.

In 2021, billionaire CEO Elon Musk reached several stages in Tesla, SpaceX and Starlink. WSJ reporters Rebecca Elliott and Mika Meidenberg talk about some of his greatest moments in 2021 and what’s ahead in 2022. Illustration: Tom Grillo

The emergence of a generation of electric vehicle startups introduces new challenges to the organized workforce in the United States, which has seen its decline in automotive membership in recent decades.

“Tesla workers’ compensation is the highest in the automotive industry,” said Mr Musk. He has targeted the UAW several times on Twitter.

Tesla also faces other labor problems. A California regulatory agency is suing the company for alleged racial discrimination and harassment, saying the electric vehicle maker has turned a blind eye to years of complaints from black factory workers.

A lawsuit filed last month by the California Department of Fair Employment and Housing focused on alleged workplace problems at Tesla’s main U.S. car plant in the San Francisco Bay Area.

The company criticized the Civil Rights Agency’s investigation in a blog post ahead of the lawsuit. “Tesla strongly opposes all forms of discrimination and harassment and has a dedicated employee relations team that responds and investigates all complaints,” the company said.

Tesla also manufactures cars in Shanghai, where workers are not united in unions.

Write to William Boston at [email protected] and Rebecca Elliott at [email protected]

Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

A man walks past a sign advertising a job at a fast food restaurant on November 5, 2021 in New York.

Spencer Platt Getty Images

Initial applications for unemployment insurance amounted to 215,000, the lowest total since the beginning of the year and less than Wall Street estimates, the Labor Ministry said on Thursday.

Economists polled by Dow Jones were looking for applications for the first time to a total of 225,000 for the week ended Feb. 26.

A separate report from the Bureau of Labor Statistics showed that the productivity of non-agricultural producers increased by 6.6% in the fourth quarter, slightly less than the estimate of 6.7%. However, unit labor costs increased by 0.9%, much more than the expected 0.3%.

As for unemployment applications, the total number last week was 18,000 compared to the previous week and the lowest since 1 January.

Ongoing claims, one week after the headline, rose to 1.48 million. However, the four-week moving average, which smoothed weekly volatility, fell to 1.54 million, the lowest level since April 4, 1970.

The total number of recipients of benefits under all programs decreased further, falling to 1.97 million, a decrease of 62,625.

Unemployment figures come a day before the closely monitored BLS report on wages in non-agricultural sectors. Wall Street is looking for a profit of 440,000 in February, following a much stronger than expected total of 467,000 in January.

Companies are still trying to fill nearly 11 million jobs at a time when labor shortages have expanded to unprecedented levels. There are about 4.4 million more jobs than there are unemployed jobseekers.

Wages rose in the current environment, with average hourly wages rising 5.7 percent in January, well above anything seen in the middle before the pandemic, according to the Labor Ministry about 15 years ago.

Labor costs per unit of output continued to rise in the last three months of 2021, albeit at a slower pace than in the previous quarter, largely due to the jump in productivity. The 7.5% increase in hourly compensation was largely offset by a 6.6% increase in productivity. For the whole year, unit labor costs increased by 3.6%, a decrease of 4.3% profit in 2020.

Federal Reserve politicians are on track to tackle inflation with an expected series of interest rate hikes.

Fed Chairman Jerome Powell on Wednesday called the labor market “extremely tight” and said he expects the first rate hike to come to a policy meeting later this month.

Here are the most important news, trends and analyzes from which investors should start their trading day:

1. Wall Street looks stable the day after it switched to rally mode

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, USA, February 28, 2022.

Brendan McDermid Reuters

US stock futures rose moderately on Thursday, with a second round of ceasefire talks between Russia and Ukraine scheduled for neighboring Belarus. However, fighting continued on multiple fronts in Ukraine as Russian troops remained outside the capital, Kyiv. Bond yields fell after a big jump on Wednesday, while oil prices showed no signs of cooling on Thursday.

2. Oil reaches nearly 14-year highs; bond yields remain high

3. Day 2 for Powell at the Capitol Hill Fed after more job data

Federal Reserve Chief Jerome Powell testified before the Financial Services Committee of the House of Representatives on Capitol Hill in Washington, DC, March 2, 2022.

Tom Brenner Reuters

The Federal Reserve meeting later this month, when interest rates are expected to begin, will have to weigh the concomitant rise in inflation that comes with soaring oil prices against the threat of economic damage from the aftermath of Russia’s conflict. and Ukraine. Fed Chairman Jerome Powell returns to Capitol Hill on Thursday to present his semi-annual economic assessment to a Senate committee. He told a House committee on Wednesday that he expected interest rates to rise ahead, but noted that the effects on the US economy from the war in Ukraine were “very uncertain”.

• The Labor Ministry on Thursday morning reported less than expected initial unemployment claims of 215,000 for the week ended February 26. The data comes a day before the government’s monthly employment report and a day after ADP’s stronger-than-expected US employment data in February.

4. The UN says more than 1 million have fled Ukraine since the Russian invasion

People are waiting to leave for Lviv by train on the 7th day of the start of large-scale Russian attacks in the country, in the Dnieper, Ukraine on March 2, 2022.

Andrea Caruba Anatolian Agency Getty Images

When Russia’s invasion of Ukraine entered its second week, the UN said on Thursday that more than 1 million people had fled Ukraine, the fastest refugee displacement of the century. Russia has said Kyiv residents will be allowed to evacuate the city in the direction of Vasilkov, southwest of the city.

With a column of tanks and other vehicles that apparently stopped for days outside of Kyiv, explosions shook the Ukrainian capital at night. A video on social media shows a huge fireball rising in the sky. The target of the explosion is still unknown. NBC News worked to check social media posts.

5. After profit, Best Buy jumps 9%, Snowflake tanks almost 20%

Buyers leave the Best Buy store during Black Friday sales in Brooklyn, New York, November 26, 2021.

Brendan McDermid Reuters

Best Buy on Thursday reported fourth-quarter earnings that did not meet expectations and earnings per share that did not meet forecasts. However, stocks rose 9% in upfront markets, even as the consumer electronics retailer also provided weaker-than-expected outlook for fiscal 2022. Best Buy handles challenging comparisons in a year when pandemics and stimulus checks boost sales.

At the Snowflake headquarters in San Mateo on April 30, 2021.

Katie Skulov

Shares of Snowflake sank about 20% in pre-trading on Thursday morning after the cloud software company forecast a slowdown in product revenue growth, which accounts for the majority of total sales. Snowflake’s better-than-expected revenue grew 101% year on year in the fourth fiscal quarter. But this is the slowest sales growth since at least 2019. On Wednesday, Snowflake said it agreed to buy startup Streamlit for $ 800 million.

“The Associated Press and Reuters contributed to this report.” Sign up for the CNBC Investing Club now to follow every move in Jim Cramer’s stock. Follow broader marketing activities as a professional at CNBC Pro.

Even before Russia’s invasion of Ukraine, US gas prices were rising rapidly – and are now moving to a national average of $ 4 a gallon or more in the coming months, with the crisis showing no signs of weakening.

As sanctions isolate Moscow and restrict Russian energy supplies, sharply rising crude oil and gas prices will affect consumers and businesses, which are already facing the highest inflation rates since 1982. Thursday Brent (CL = F) briefly flirting with $ 120 a barrel of US oil (MCL = F) is not far behind at $ 116.

“I wish we had reached the top. I think we are far from that. “Unfortunately, gas prices are rising by an average of 25 to 75 cents a gallon a year between March and Remembrance Day,” Patrick De Haan, head of oil analysis at GasBuddy, told Yahoo Finance Live this week.

On Monday, the national average was $ 3.61 a gallon, according to the AAA. By comparison, the average price of gas in the United States was about $ 2.65 a year ago.

In California, where prices now average $ 4.82 a gallon – 5 cents more than last week – the situation is grim. A year ago, the average price of a pump in Golden State was about $ 1.16 cheaper.

Los Angeles and several other areas in Southland are following a trend above record highs. The average price of ordinary gas has already reached $ 4.89 per gallon in the Los Angeles area. This is the 22nd record in the last 25 days. It is also 10 cents higher than last week and about $ 1.14 more than a year ago.

‘Blown away’

Gas prices in Los Angeles

At a Chevron gas station in Los Angeles County, customers pay $ 6.25 a gallon over the weekend, forcing them to dig deeper into their pockets at the pump.

“I am just overwhelmed, as if I could not imagine that we would arrive so quickly. This is really surprising, “Janine Pibal, a resident of Los Angeles County, told Yahoo Finance in an interview.

However, a defining feature of the current inflationary environment is consumers who complain but ultimately pay for goods and services that have recovered to higher levels. As a result, some drivers in California are reluctant to jump on gasoline, even if only for personal or professional driving needs.

The story continues

“My car pays my bills because if I don’t, I can’t get to work, so it’s kind of like the cost of doing business,” Alejandro Vazquez, a Los Angeles County resident, told Yahoo.

While gas is becoming more expensive across the country, it is significantly more so in California, given the combination of taxes and fees that make fuel costs among the highest in the nation. The state imposes a tax of 51.1 cents on every gallon of gas, second only to the tax in Pennsylvania of 58.7 per gallon.

But California’s driving culture and the demand it creates set it apart from most other states, along with other factors.

“The whole west coast as a whole is much more expensive than much of the rest of the country. You are relatively isolated refineries on the West Coast [and] there aren’t that many when there are problems, “said De Haan of Gas Buddy.

At the same time, Golden State has a containment and trading program that requires large greenhouse gas emissions such as oil and gas refineries to offset emissions by purchasing carbon credits.

The California Air Resources Council also requires gas stations to sell only specific gasoline blends formulated to minimize pollution. This mixture is more expensive to produce, adding another price that is passed on to drivers.

“There is a lot of fragmentation between the types of summer gasoline, which only tighten prices even more. [A] a good reminder of what lies ahead is the transition from growing demand when Americans return abroad and, of course, the refinery maintenance season, ”De Haan said.

Late last year, President Joe Biden announced that the Department of Energy would release 50 million barrels of oil from the country’s strategic oil reserves “to reduce prices for Americans and address the mismatch between pandemic demand and supply.” but with little effect this week, the International Energy Agency announced a similar move, which also failed to reduce spot energy prices.

Lawmakers are calling on the White House to stabilize gas prices by re-releasing SPR stocks, but geopolitical realities are likely to complicate matters.

“You need a nuclear deal with Iran to ease sanctions against Iran. “Then the 2 million barrels they produce can go back to the world market,” De Haan suggested.

The White House is working to reach a deal, but De Haan said “you will need Saudi Arabia and potential help from the UAE to increase production.” especially with Western governments, which are aiming to sanction the country’s energy sector.

It could still become “more messy” in terms of higher oil prices, De Haan said.

Danny Romero is a reporter for Yahoo Finance. Follow her on Twitter: @daniromerotv

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on TwitterInstagram, YouTube, Facebook, Flipboard and LinkedIn