Oil prices remain elevated on fears over costs across economy

Wall Street pointed higher early Oct. 27 ahead of another heavy day of corporate earnings reports. And the Federal Reserve opens its two-day meeting to determine where to go with interest rates. Rising gas prices triggered by the war in Iran could further raise costs across the economy. Diesel fuel reached an all-time high of $6.53 a gallon in late September, and was going for $6.35 on Oct. 27, an increase of about 74% compared with this time last year. High diesel costs raise the price of shipping groceries, cars, and nearly everything else. Businesses eventually pass on the costs to consumers, spreading inflation to more parts of the economy. In energy markets Oct. 27, Brent crude oil, the international standard, ticked down 78 cents to $109.96 a barrel. U.S. benchmark crude slipped 66 cents to $101.10 per barrel. Futures for the S&P 500 rose 0.3% before the bell, while futures for the Dow Jones Industrial Average were up 0.2%. Futures for the technology-heavy Nasdaq gained 0.4%. General Motors, citing a “technology-driven strategy,” will move its stock listing to the Nasdaq after 115 years on the New York Stock Exchange. Shares of GM jumped 2.8% before markets opened. The company began trading on the NYSE in 1911. Its shares are expected to begin trading on the Nasdaq in mid-November. Shares of Coca-Cola inched up less than 1% after the beverage giant beat analysts' sales and profit targets. UPS also reported better-than-expected profit on Oct. 27 and raised its guidance. UPS shares were up 1.5% before the opening bell. Profit reports…

This story was originally published by Transport Topics. Read the full story at Transport Topics →