J.P. Morgan’s Chair of Global Research Joyce Chang joins Yahoo Finance Live to discuss the market outlook amid Fed rate hikes, economic data, gas prices, laborforce pressures, China's growth slowdown, and semiconductor trends.
Yahoo Finance reporter Dani Romero details the decline in average gas prices since a peak in June.
U.S. crude stocks rose in the most recent week while U.S. production hit its highest level since April 2020, a signal that high prices are driving further output in the world's largest oil producer. Gasoline stocks fell sharply and demand rebounded modestly, though the last four weeks of gasoline consumption has been softer than in 2021, the Energy Information Administration said on Wednesday. The increase was driven by a 5.3 million barrel release from U.S. strategic reserves; the United States has been emptying its reserve to quell the rise in oil prices that began in the spring.