Live stock market news: Stocks mixed as Tesla shares weigh on market, UK's Truss resigns, mortgage rates in focus | October 20, 2022 – Fox Business

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Stocks finish lower for a second day as Snapchat developer Snap tumbles on weaker-than expected revenue. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Covered by: FOX Business Team, Reuters and Associated Press
Snap posts slowest revenue growth since going public five years ago
Elon Musk admits ‘obviously overpaying’ for Twitter but touts platform’s ‘incredible potential’
Existing home sales tumble to a 10-year low in September as mortgage rates skyrocket
10 year Treasuries yields rose 0.098 percentage point to 4.225%, the highest since June 2008
Nymex Crude for November delivery gained 43 cents per barrel, or 0.50% to $85.98 per barrel
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Symbol Price Change %Change
SIVB $302.46 -12.91 -4.09

SVB Financial Group is down in after-hours trading. The parent of Silicon Valley Bank missed Wall Street revenue estimates and warned of headwinds for net interest income.
“While the challenging environment is pressuring balance sheet and NII growth, and we expect these conditions to persist for the foreseeable future until public markets stabilize, we believe it is a matter of when, not if, the markets return,” said Greg Becker, President and CEO.
The company expects low forties net interest income growth for 2022, down from the previous forecast of mid-forties growth.
Third quarter net interest income, on a fully taxable equivalent basis, rose 2.5% $1.2 billion.
SVB Financial Group (SIVB) on Thursday reported third-quarter net income of $469 million.
The bank, based in Santa Clara, California, said it had earnings of $7.21 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $6.79 per share.
The financial services firm posted revenue of $1.88 billion in the period. Its revenue net of interest expense was $1.57 billion, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $1.59 billion.
The Associated Press contributed to this report.

Employee stands next to a Whirlpool washing machine inside a home appliances showroom in New Delhi, Aug. 27, 2013. (Reuters/Anindito Mukherjee)

Symbol Price Change %Change
WHR $132.28 -5.50 -3.99

Whirlpool Corp. on Thursday reported third-quarter earnings of $143 million.
On a per-share basis, the Benton Harbor, Michigan-based company said it had net income of $2.60. Earnings, adjusted for non-recurring costs, came to $4.49 per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $5.59 per share.
The maker of Maytag, KitchenAid and other appliances posted revenue of $4.78 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $5.24 billion.
Whirlpool expects full-year earnings to be $19 per share, with revenue expected to be $20.1 billion.

Boston Beer and Dogfish Head Brewery founders Jim Koch and Sam Calagione with their flagship beers (Photo: Boston Beer)

Symbol Price Change %Change
SAM $336.16 0.88 0.26

Boston Beer Co. on Thursday reported third-quarter earnings of $27.3 million.
The Boston-based company said it had profit of $2.21 per share. Earnings, adjusted for asset impairment costs, came to $3.82 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.16 per share.
The brewer posted revenue of $596.5 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $570.6 million.
Boston Beer expects full-year earnings in the range of $7 to $10 per share.

Symbol Price Change %Change
THC $54.17 -0.29 -0.53

Tenet Healthcare is plunging in after hours trading. The diversified healthcare services company cut its fiscal 2022 outlook for income from continuing operations available to Tenet common stockholders.
The company is currently guiding to $366 to $441 million, down from $371 to $546 million forecast in July.
Diluted income per common share from continuing operations was cut to $3.34 to $4.02 per share from $3.35 to $4.91.
Tenet company beat Wall Street profit estimates and matched the revenue expectation.
Third quarter net operating revenues fell 2% to $4.8 billion. Analysts expected $4.81 billion.
Net income declined to $131 million from $448 million.
Adjusted earnings were $1.44 per share. The estimate was $1.29.

Snapchat app on a smartphone in this illustration taken, July 13, 2021. (Reuters/Dado Ruvic/Illustration)

Symbol Price Change %Change
SNAP $10.78 -0.08 -0.74

Snap Inc on Thursday posted its slowest revenue growth since going public five years ago as advertisers cut spending amid rising inflation and the war in Ukraine.
In a letter to investors, Snap said inflation caused some advertisers to reduce their marketing budgets.
“We expect that the operating environment will continue to be challenging in the months ahead,” the company said.
Revenue for the third quarter ended Sept. 30 was $1.13 billion, an increase of 6% from the prior-year quarter. The figure narrowly missed analyst expectations of $1.14 billion, according to IBES data from Refinitiv.
The Santa Monica, California-based company said it would refocus on growing its user base, diversifying its revenue sources and investing in augmented reality technologies, which overlay computerized images onto the real world.
Daily active users on Snapchat rose 19% year-over-year to 363 million during the quarter.
Snap said advertising revenue has historically followed the growth and engagement of its user base, and “we remain optimistic about our long-term opportunity.
“The company said its internal forecast estimates that fourth-quarter revenue will be flat from the previous year and the ability to forecast future quarters remains challenging.
It added it expects Snapchat daily active users to grow to 375 million in the fourth quarter.
Snap on Thursday also announced a share buyback program of up to $500 million.

Revlon sign in a Boots store in London, Britain, June 16, 2022. (Reuters/Hannah McKay)

Symbol Price Change %Change
REV $3.90 -0.22 -5.34

The New York Stock Exchange plans to suspend and delist Revlon . The cosmetics maker filed for bankruptcy on June 15 and June 16. The company had the right to request a review of this delisting determination by the Committee for Review of the Board of Directors of the Exchange.
Shares of bankrupt companies usually become worthless, but Revlon closed at $3.90 per share.
The stock is down 67% year to date.
All three of the major U.S. benchmark averages fell across the board led by utilities and industrials as bond yields continued to march higher with the 10-year Treasury yield hitting 4.225%, the highest since June of 2008. This as energy and communications companies posted modest gains. In commodities, oil rose 0.5% to $85.98 per barrel. 

Symbol Price Change %Change
TWTR $52.49 0.67 1.28

Billionaire Elon Musk said Twitter’s long-term potential is greater than its current value. The world’s richest man has committed to paying $44 billion, or $54.20 per share, for the social media network.
Musk has until Oct. 28 to close the deal to avoid a trial over his effort to originally walk away from the transaction.
ELON MUSK SAYS TESLA CARS NOT READY FOR APPROVAL AS FULLY SELF-DRIVING THIS YEAR

Royal Caribbean International debuts new ship Icon of the Seas. (Royal Caribbean International)

Symbol Price Change %Change
RCL $47.75 1.06 2.27

Royal Caribbean Cruises remains optimistic about the future of the cruise industry as various coronavirus-related restrictions and protocols continue to ease.
Royal Caribbean International CEO Michael Bayley spoke to FOX Business about the company’s latest innovation, dubbed Icon of the Seas.

Blackstone Group headquarters in Manhattan, New York, Nov. 12, 2021. (Reuters/Andrew Kelly)

Symbol Price Change %Change
BX $83.56 -4.18 -4.77

Blackstone Inc, the world’s largest alternative asset manager, said on Thursday its third-quarter distributable earnings fell 16% year-on-year, owing to a sharp drop in asset sales amid a downturn in the market.
Financial markets have been rocked by geopolitical unrest from the Russia-Ukraine conflict and rising interest rates by central banks, which have hindered private equity firms like Blackstone from cashing out their investments for top dollar.
Blackstone said its net profit from asset divestments across its portfolio, including real estate, private equity, and hedge funds, fell 61% to $402.6 million, down from $1.03 billion a year ago, amid the turmoil.”Inflation, rising interest rates and a slower economy, combined with ongoing geopolitical turmoil, have created an extremely difficult environment for investors to navigate,” Blackstone Chief Executive Stephen Schwarzman said during an analyst earnings call on Thursday.
Under generally accepted accounting principles, Blackstone reported a net income of just $2.3 million, a massive drop from $1.4 billion posted a year earlier, owing to unrealized investment losses of $1.1 billion driven by a drop in the value of its holdings.
Blackstone’s fee-related earnings, a closely watched metric that reflects income from lucrative management fees, jumped 51% to $1.2 billion, driven by growth in its credit business and the completion of asset management deals struck last year with insurance firms, including American International Group Inc and Allstate Corporation.

Google office near the company’s headquarters in Mountain View, Calif., May 8, 2019. (Reuters/Paresh Dave)

Symbol Price Change %Change
GOOGL $101.02 1.39 1.40

Google is facing a privacy lawsuit in Texas. State attorney general Ken Paxton claims the unit of Alphabet  unlawfully captured and used the biometric data of millions of Texans without properly obtaining their informed consent to do so.
The lawsuit alleges Google collected millions of biometric identifiers, including voiceprints and records of face geometry, from Texans through its products and services like Google Photos, Google Assistant, and Nest Hub Max.
Paxton asserted the data collection is a knowing violation of the state’s Capture or Use of Biometric Identifier Act.
To read the full lawsuit, click here

Symbol Price Change %Change
UNP $191.86 -8.20 -4.10

Union Pacific Corp on Thursday cut its annual volume growth forecast despite a rise in third-quarter shipments, as the U.S. railroad operator struggles with worker shortages.
The company also lowered its forecast for 2022 operating ratio, a key profitability metric for railroads, to around 60% from around 58%, in part due to a new tentative labor deal with unions.
Apart from labor shortages, supply-chain snags and port congestion have also disrupted railroad operators’ shipments over the past year.
The company trimmed its forecast for full-year volume growth to about 3% from 4%-5%, even after a 3% rise in the third quarter led by higher coal and renewables shipments.
Quarterly net income rose 13% to about $1.9 billion. Excluding a $114 million charge from the tentative labor deal, the company posted a net income of $3.19 per share, ahead of Refinitiv IBES estimates of $3.06 per share.
Revenue rose 18% to $6.57 billion, helped by higher shipment prices.

Symbol Price Change %Change
T $16.86 1.31 8.46

AT&T Inc lifted its annual profit forecast after posting upbeat third-quarter results on Thursday, thanks to Americans opting for pricier wireless plans and a rebound in international travel.
After unwinding its efforts to become a media and entertainment company, AT&T is back to focusing on its wireless business in a highly competitive U.S. telecoms market.
The wireless carrier is now betting on the demand for broadband, international roaming, and monthly bill-paying subscribers to help pay off the nearly $134 billion debt on its balance sheet.
AT&T’s added 708,000 net new monthly bill-paying wireless phone subscribers in the third quarter and 338,000 new fiber internet customers.
Executives said bad debt was starting to return to pre-pandemic levels.
The company now expects adjusted profit per share for the full year to be $2.50 or higher compared with earlier expectations of $2.42 to $2.46 per share.
Analysts on average expect a profit of $2.56 per share for the year, according to Refinitiv data.

Home for sale is seen on Dec. 8, 2020, in Orlando, Fla. (AP Photo/John Raoux)

The 30-year-fixed rate mortgage edged higher, reaching 6.94% Thursday, from 6.92% a week ago, according to Freddie Mac.
“The 30-year fixed-rate mortgage continues to remain just shy of seven percent and is adversely impacting the housing market in the form of declining demand,” said Sam Khater, Freddie Mac’s Chief Economist. 
The 15-year rate averaged 6.23 percent, up from 6.09%.

Symbol Price Change %Change
FCX $30.48 2.12 7.48

Freeport-McMoRan rose more than 6% in Thursday trading despite missing Wall Street revenue and profit expectations.
The mining company said third quarter gold sales were 20% above its guidance. Copper sales came in 4% above the company’s predictions.
Freeport-McMoRan expects gold sales of 1.7 million ounces in 2023, down from 1.8 million in 2022. Copper sales are expected to be 4.3 billion pounds, up from 4.2 billion.
The company on Thursday reported third-quarter earnings of $404 million.
The Phoenix-based company said it had net income of 28 cents per share. Earnings, adjusted for non-recurring gains, were 26 cents per share.
The results missed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The mining company posted revenue of $5 billion in the period, also missing Street forecasts. Nine analysts surveyed by Zacks expected $5.2 billion.
The Associated Press contributed to this report.

Symbol Price Change %Change
LEN $73.38 1.09 1.51
RKT $6.69 0.14 2.14
WFC $44.16 0.54 1.24
BAC $34.48 0.56 1.64

Sales of previously owned homes are slowing.

Symbol Price Change %Change
AAL $13.99 0.29 2.12

An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport in Los Angeles, California

American Airlines Group Inc on Thursday forecast that fourth-quarter profit would exceed analyst estimates after posting better-than-expected earnings in the third quarter, as demand for travel remained resilient despite higher airfare and growing risks of an economic recession.
The Texas-based carrier expects adjusted profit between 50 and 70 cents per share for the fourth quarter through December, compared with analysts’ estimate for 22 cents per share, according to Refinitiv IBES data.
Total revenue in the fourth quarter is projected to be up 11% to 13% from the same period in 2019, while capacity is estimated to be down 5% to 7%.
“Demand remains strong, and it’s clear that customers continue to value air travel and the ability to reconnect post-pandemic,” Chief Executive Robert Isom said in statement.
U.S. stocks were little changed in early trading as investors eye rising bond yields and await a fresh round of data on housing and mortgage rates due mid-morning. In commodities, oil rose nearly 2% to the $86 per barrel level. 
Less Americans filed for unemployment in the latest weekly tally from the Labor Department.

Tesla shares are trading lower after the electric-vehicle reported a mixed quarter. Elon Musk had plenty to say about the future of his company and the U.S. economy.

U.K. Prime Minister Liz Truss is out in a surprising shakeup.

A growing number of influential Wall Street executives and business titans have sounded the alarm over the state of the U.S. economy.
Relentless inflation combined with the most hawkish Federal Reserve in decades have raised the specter of a recession, according to some of the most prominent CEOs in the country.

The IRS has updated U.S. tax brackets as inflation soars. Here’s how it may impact you.

President Joe Biden is looking to ease the worries of voters concerned about the ongoing energy crisis ahead of November’s midterm elections by releasing oil from the US reserves.
The decision will temporarily boost oil supply in the country, a move that is expected to result in lower gas prices just weeks before the crucial congressional elections.
High gasoline prices are a problem that continue to elude the president but his push Wednesday to release 15 million barrels from the U.S. strategic reserve show the White House hasn’t given up.
“They’re not falling fast enough,” Biden said at the White House. “Families are hurting. You’ve heard me say it before, but I get it.”
The president rejected that politics played a role in his latest action. However, gas prices and inflation continue to dominate top concerns of voters.
“It’s not politically motivated at all,” Biden told a group of reporters Wednesday.
Biden has consistently blamed high prices on Russia and the country’s invasion of Ukraine — which started in Feb.
Any declines in gas prices — no matter their magnitude — the president attributes to his policies. Conversely, when gas prices were high, the White House said the president was not responsible.
The Associated Press contributed to this report.
European Union leaders are kicking off a two-day summit to discuss the ongoing energy crisis and other energy alternatives as the ongoing Russia-Ukraine War continues to impede energy supplies. The war has sent energy costs around the world skyrocketing.
The leaders are also expected to discuss if and how their countries could impose a gas price cap to contain the energy crisis.
Ukrainian President Volodymyr Zelenskyy is set to address the 27 international leaders via video conference from Kyiv.
He will likely repeat his calls for the international community to help Ukraine survive through the winter. German Chancellor Olaf Scholz said Thursday Zelenskyy should not have to worry about losing energy.
The Associated Press contributed to this report.

Ethereum, Bitcoin and Dogecoin were all trading higher early Thursday morning. (Getty Images)


Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were all higher early Thursday.
At approximately 5:15 a.m. ET, Bitcoin was trading at nearly $19,134 (+0.12%), or higher by $22.
For the week, Bitcoin was trading lower by nearly 0.17%. For the month, the cryptocurrency was lower by nearly 2.25%.
Ethereum was trading at approximately $1,291.7 (+0.85%), or lower by more than $10.90.
For the week, Ethereum was trading lower by almost 1%. For the month, however, it was trading lower by approximately 7.2%.
Dogecoin was trading at $0.059768 (+2.02%), or higher by approximately $0.001185. 
For the week, Dogecoin was lower by nearly 2.1%. For the month, the crypto was lower by more than 0.25%.

Diesel prices rose for the fourth-straight day Thursday, while gasoline prices were down yet again. (gasprices.aaa.com)

The average price of a gallon of gasoline nationwide fell to $3.836 early Thursday morning, AAA reported. 
The nationwide price for a gallon of regular gasoline on Wednesday was $3.854. 
A week ago, gasoline sold for $3.913 per gallon. A month ago, that same gallon of gasoline nationwide was $3.674. A year ago, gasoline sold for $3.357 nationwide. 
Gas hit an all-time high of $5.016 on June 14, approximately 18 weeks ago. 
Meanwhile, diesel’s price rose for the fourth straight day to $5.336. Early Wednesday morning, the price was $5.324. On Tuesday, a gallon of diesel cost $5.304.
A week ago, diesel sold for $5.189 per gallon. A month ago, that same gallon of diesel nationwide sold for $4.936. A year ago, diesel was selling for $3.569 per gallon nationwide.

US stocks edged lower Thursday morning as investors reevaluated earnings reports. (Associated Press)

Symbol Price Change %Change
I:DJI $30,423.81 -99.99 -0.33
SP500 $3,695.16 -24.82 -0.67
I:COMP $10,680.51 -91.89 -0.85

U.S. stocks were trading lower early Thursday after investors pulled back and reviewed quarterly earnings reports.
In addition, Treasury yields climbed to multiyear highs, tempting traders with higher returns on relatively low-risk investments. 
Early gains faded fast Wednesday. The S&P 500 fell 0.7% to close at 3,695.16, while the Dow Jones Industrial Average slipped 0.3% to 30,423.81. The Nasdaq composite ended 0.9% lower, at 10,680.51. Small companies fell more than the rest of the market, sending the Russell 2000 index 1.7% lower to 1,725.76. 
Stocks were coming off of two days of gains, but trading has been unsteady throughout. Netflix soared 13% and United Airlines rose 5% after releasing their quarterly results, while others, including Abbott Laboratories and M&T Bank, sank. 
The yield on the 10-year Treasury, which influences mortgage rates, climbed to 4.13%, its highest level since June 2008. It was at 4.02% late Tuesday.
The yield on the two-year Treasury, which tends to track expectations for future Federal Reserve action, rose to 4.54% from 4.43%. 
A sharp move in the three-month Treasury may have helped put traders in a selling mood. The yield briefly hit 4.01% before inching back to 3.98%. Should the three-month Treasury yield rise above that of the 10-year Treasury, what’s known as an inversion, that would be a strong warning that the economy could be headed for a recession. 
The Federal Reserve has been raising interest rates to temper high prices. Those increases are meant to make borrowing more difficult and slow economic growth in an effort to tame inflation, but the strategy risks stalling the already slowing U.S. economy. 
Homebuilder Lennar fell 6% and home-improvement retailer Lowe’s slid 4.8% following a report showing that construction on new homes declined more than expected in September.
Meanwhile, Asian shares were mostly lower on Thursday after Japan reported a 14th straight month of monthly trade deficits due to high prices for oil and other commodities and a weakening yen. 
Japan’s trade deficit was a record high for the first half of the year, though it fell slightly from the month before and was smaller than analysts had forecast. 
The Finance Ministry said Thursday that imports rose nearly 46% from the same month a year ago on the back of rising oil and gas costs. Imports have grown for 20 months straight on-year. 
The dollar has gained strength versus currencies worldwide as inflation and recession concerns prompt investors to look for relatively stable investments.
The yen is now trading at 32-year lows against the dollar, changing hands at 149.93 Japanese yen early Thursday, up from 149.81 yen a day earlier. The euro slipped to 97.59 cents from 97.73 cents. 
In share trading, Tokyo’s Nikkei fell 0.9% to 27,006.96, recovering some lost ground, while the Kospi in Seoul declined 0.9% to 2,216.49. In Hong Kong, the Hang Seng shed 1.6% to 16,254.32. The Shanghai Composite index was flat at 3,044.77 and Australia’s S&P/ASX 200 gave up 1% to 6,730.70.

Oil prices rose $1 overnight as China announced it will consider changing COVID restrictions. (Getty Images)

Symbol Price Change %Change
USO $70.04 1.34 1.95
CVX $168.00 5.28 3.24
XOM $103.79 2.99 2.97

Oil prices gained around $1 on Thursday as investor sentiment rose on news that China is considering a cut in the duration of quarantine for inbound visitors. 
Brent crude futures for December settlement rose 80 cents, or 0.9%, to $93.21 a barrel at 0610 GMT. 
U.S. West Texas Intermediate crude for November delivery (WTI) , which expires on Thursday, rose $1.29, or 1.5%, to $86.84 per barrel.
The WTI contract for December delivery was last up 1.4%, or $1.16 cents, at $85.68 a barrel. 
“The market is bouncing on that quarantine news and by extension a flickering light at the end of the zero-Covid policy tunnel,” said Stephen Innes, managing partner at SPI Asset Management, adding that this is “the first positive sign we have seen out of China on the COVID front.” 
China, the world’s largest crude importer, has stuck to strict COVID-19 curbs this year, weighing heavily on business and economic activity which lowers demand for fuel. 
Bloomberg News reported Thursday China is considering cutting the quarantine period for inbound visitors to seven days from 10 days, citing people familiar with the matter. The report said officials are targeting a cut in the quarantine period to two days in a hotel and then five days at home, but there is no clarity yet on how the new restrictions would apply to foreigners and other visitors without a residence in China. 
Oil prices have seen support from a looming European Union ban on Russian crude and oil products, as well as the output cut from the Organization of the Petroleum Exporting Countries and other producers including Russia, known as OPEC+. 
The OPEC+ agreed on a production cut of 2 million barrels per day in early October – but analysts expect a smaller decline in actual output of about 1 million barrels per day due to under-production in countries such as Iran, Venezuela and Nigeria. 
Separately, U.S. President Joe Biden announced a plan on Wednesday to sell off the rest of his release from the nation’s emergency oil reserve by year’s end, or 15 million barrels of oil, and begin refilling the stockpile as he tries to dampen high gasoline prices ahead of midterm elections on Nov. 8.
However, the release is “too small to impact the market,” said Commonwealth Bank commodities analyst Vivek Dhar in a Thursday note, estimating it would increase global oil supplies by just 0.04 million barrels per day. 
“EU sanctions on Russian oil imports will likely become the focus of the oil market in coming weeks… We expect Brent oil futures to average $100 per barrel in Q4 2022 on the back of supply disruption from the EU sanctions,” Dhar added. 
Meanwhile, global demand for fuel remains uncertain. U.S. economic activity expanded modestly in recent weeks, although it was flat in some regions and declined in a couple of others, the Federal Reserve said on Wednesday in a report that showed firms growing more pessimistic about the outlook.
Five Russian nationals and two oil traders for Venezuela were charged this week in a wide-ranging scheme to obtain military equipment from the United States and smuggle Venezuelan oil to Russia and China, according to an indictment unsealed Wednesday in federal court. 
The defendants allegedly used Nord-Deutsche Industrieanlagenbau GmbH (NDA GmbH) as a front company to purchase advanced semiconductors and microprocessors that have been used in various Russian weapons, including fighter jets, missile systems and ammunition. 
“As alleged, the defendants were criminal enablers for oligarchs, orchestrating a complex scheme to unlawfully obtain U.S. military technology and Venezuelan sanctioned oil through a myriad of transactions involving shell companies and cryptocurrency,” Breon Peace, U.S. Attorney for the Eastern District of New York, said in a statement on Wednesday. 
“Their efforts undermined security, economic stability and rule of law around the world.” 
Click here to read more on the story: Five Russians charged in global scheme to smuggle equipment from US for Russia’s military
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