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If you're road-tripping this Labor Day, you'll get farther if you steer clear of the West Coast.
National prices for a regular gallon of gas averaged $3.36 Wednesday, hovering near lows not seen since spring. However, gas prices vary by location. Local economics, state regulations, and proximity to supply locations all factor into the cost of gas in each area.
In some states, drivers are enjoying gas prices as low as $2.92 per gallon, while drivers in other states are paying as much as $4.62.
Hawaii, California and Washington are among the states with the highest average gas prices, while Mississippi, Oklahoma and Tennessee residents are all paying less than $3 for a gallon of gas.
While West Coast gas prices may be the highest in the nation, drivers there are paying about 65 cents less on average than at the same time last year, gas price-tracking website GasBuddy estimates.
Lower prices could persist nationwide through the rest of the year, said Patrick De Haan, head of petroleum analysis at GasBuddy.
"The good news is we’re seeing perhaps the best opportunity in years for the national average to fall below $3 per gallon," De Haan said. "As we get closer to Thanksgiving, we should see tens of thousands of stations ultimately fall back below that level.”
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Investopedia
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The Supreme Court denied an attempt by President Joe Biden's Administration to restore the Saving for a Valuable Education (SAVE) repayment plan.
Earlier this month, the Biden Administration filed an emergency request that asked the Supreme Court to lift a block placed on the SAVE plan by lower tribunals. The Supreme Court denied the request on Wednesday, upholding the injunction and allowing the block to continue.
The injunction will likely be in place until the court case arguing the plan's legality is resolved.
The income-driven repayment plan, which offered lower monthly payments and easier loan forgiveness, has been blocked since mid-July. Borrowers have been held in limbo as two cases, led by Republican-majority states seeking to block the SAVE plan, worked their way through federal courts.
The lawsuits argue that the SAVE plan's eventual cost is too high for the White House to authorize alone. The case's back-and-forth has resulted in forbearance for all borrowers enrolled in the plan until the cases are resolved.
With this injunction upheld, the merits cases will be argued in lower courts and may eventually be brought back to the Supreme Court.
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Investopedia
3 hrs
9
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OpenSea, one of the largest marketplaces for non-fungible tokens (NFTs) may be facing regulatory action from the U.S. Securities Exchange Commission (SEC).
The company has received a Wells Notice—a notification from the regulator about a completed investigation and any potential enforcement actions—its CEO Devin Finzer said in a post on X.
According to Finzer, the SEC alleges that sale of NFTs on OpenSea broke securities laws because NFTs are securities and those transactions constituted sales of unregistered securities.
NFTs are unique digital assets that provide proof of ownership of an underlying asset such as art, trading cards, sports memorabilia etc. that is verified on a blockchain. They may be exchanged for cryptocurrencies or dollars but are called non-fungible because they cannot be exchanged for each other.
OpenSea contests that the regulator's allegations do not apply and that it is "ready to stand up and fight."
"NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more, Finzer wrote, adding, "we should not regulate digital art in the same way we regulate collateralized debt obligations."
This action by the SEC is not isolated, as it follows a pattern of increased scrutiny of crypto-related companies. Earlier this year, decentralized exchange Uniswap and blockchain technology firm Consensys also received Wells Notices, indicating a broader regulatory focus on the cryptocurrency and decentralized finance (DeFi) space. Robinhood (HOOD) also disclosed a Wells Notice against its crypto platform in May while crypto exchanges, such as Coinbase (COIN) and Kraken, have ongoing cases with the SEC.
But SEC's enforcement approach has raised concerns about its impact on the entire NFT ecosystem.
Some creators have already taken proactive steps, with two NFT artists filing a lawsuit against the SEC last month, seeking clarity on the regulator's approach to NFTs.
Additionally, OpenSea has pledged $5 million to assist with legal fees for NFT creators and developers who may receive Wells notices from the SEC.
NFTs soared in popularity in 2022, with some specific ones selling for millions of dollars. That said, NFT market activity has decreased dramatically from its peak, according to data from OKX, with weekly trading volume dropping from over $2 billion to around $50 million.
They may have lost momentum but they are not forgotten as former U.S. President Donald Trump released an NFT collection on Tuesday.
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Investopedia
4 hrs
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Artificial intelligence (AI) chipmaker Nvidia (NVDA) is set to report its fiscal second-quarter earnings after the bell Wednesday, with investors likely watching what its results could signal about the strength of AI demand.
Nvidia's earning results could be "viewed globally as the most significant 'tell' about the outlook for AI spending," LPL Financial Chief Global Strategist Quincy Krosby said Wednesday, ahead of Nvidia's results.
Krosby said that based on analysts' projections, Nvidia's results are expected to "confirm that demand remains strong," which could boost investor sentiment for the stock and others in the AI space.
Nvidia has established itself as an early winner of the AI boom, with shares more than doubling in value from the start of the year, despite some headwinds in recent months.
Many of Nvidia's partners like Arm (ARM) and Micron Technology (MU), as well as other companies in the AI space, have climbed since the start of the year amid expectations of AI-driven growth.
Nvidia shares were 1.9% lower at $125.84 Wednesday afternoon, ahead of the company's earnings, though most analysts maintained a "buy" or equivalent rating for the stock, anticipating further gains.
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Instablog9ja
5 hrs
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NAHCO staff has been hailed for returning missing $10,000 to the authorities at Malam Aminu Kano International airport, Kano.
This Boy, Named Auwal Ahmed Dankode, an Employee of Nigeria Aviation Handling Company (NAHCO), Found $10,000, approximately 16 Million Naira inside a Plane While Cleaning It.
Upon discovering the money, Auwal immediately reported it to the airline company’s manager to initiate the search for the rightful owner. The incident took place at Malam Aminu Kano International Airport. Auwal, originally from Kode in Kano State, is known for his strong fear of God and honesty.
Investopedia
5 hrs
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If your company relocated its headquarters, would you move with it if it weren't required?
That's the question facing employees at Foot Locker (FL), which on Wednesday said it would move to St. Petersburg, Fla., from New York City late next year, maintaining "only a limited presence in New York City going forward."
The move is intended to increase collaboration and cut costs, the company said as part of the release of its latest quarterly financial results, adding it would open a technology site in Dallas in September. It also builds on its already "meaningful presence in St. Petersburg," Foot Locker said.
Chief Executive Officer (CEO) Mary Dillon said on the company's conference call with analysts Wednesday that Foot Locker was still determining which departments might move. "But generally speaking, it's kind of a move to enhance the center of gravity we have already, while maintaining a presence in New York," Dillon said on the call, a transcript of which was made available by AlphaSense.
One wrinkle: Executives said on the call that they wouldn't require relocation. According to an Atlas Van Lines survey released earlier this year, about two-thirds of companies said an employee declined to relocate in 2023.
"We really think we'll be able to … retain our great talent," Dillon said.
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