STOCKS MARKET NEWS: Futures fall, GDP revision, jobless reports due

Final GDP reading likely to confirm US economy entered a recession in the spring

Did the U.S. economy actually slide into a recession in the first half of the year? New data that will be released by the government on Thursday morning could shed light on the pivotal question.

The Commerce Department is set to post the third and final estimate for second-quarter gross domestic product at 8:30 a.m., along with updated growth figures for the past five years — a process it performs annually. 

GDP, the broadest measure of goods and services produced in the nation, officially shrank at a 1.6% annualized pace in the three-month period from January to March and declined a 0.6% pace between April and June, meeting the criteria for a so-called technical recession.

Economists surveyed by Refinitiv expect the updated data on Thursday to be unchanged and show that growth did, in fact, shrink at a 0.6% pace in the spring.

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Gas prices stay on rising track

The average price for a gallon of regular gasoline in the U.S. continues to gain.

Thursday’s price rose to $3.782, up from Wednesday’s $3.765 a gallon, according to AAA.

The price started rising again a little over a week ago, after declining for nearly 100 days in a row during the summer driving season.

That makes it eight straight days of increases.

The average price a week a go was $3.685. Diesel is priced at $4.878 a gallon.

Porsche IPO climbs in debut

Shares in the Porsche IPO are gaining 2% at $81.15 in the debut in Frankfurt trading.

Germany’s Volkswagen AG said Wednesday it had priced the initial public offering of shares at the top end of the targeted range, putting the IPO on track to become one of Europe’s largest in more than a decade, according to the Wall Street Journal.

The offering of preferred stock values Porsche at about $73 billion. 

The deal ranks Porsche among the top five biggest car markers measured by market value behind its parent company VW, but ahead of German rival Mercedes- Benz Group AG, which is valued at more than $56 billion. 

Tesla’s valuation of more than $886 billion leads the way followed by Japan’s Toyota Corp.

In a nod to the company’s famous 911 sport car, VW created 911 million Porsche shares.

Oil prices drop as dollar strengthens

Oil prices traded lower on Thursday after gaining more than $3 in the prior session.

The strong dollar, demand worries and concerns over the faltering global economic outlook is impacting market sentiment.

U.S. crude futures traded around $80.00. Brent crude futures traded around $87.00.

Both benchmarks had rebounded in the prior two sessions, after reaching nine-month lows this week, after a temporary dive in the dollar index and a larger-than-expected drawdown of U.S. fuel inventory.

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were lower Thursday morning

Bitcoin was trading around $19,000, after rising in three of the last four days. In the past week, Bitcoin has gained more than 4%.

For the month, the cryptocurrency was lower by more than 3%. Bitcoin is also down more than 57% year-to-date.

Ethereum was trading around $1,300, after a week in which it gained more than 6%.

Dogecoin was trading at 6 cents, after gaining more than 5% in the past week.

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