Oil prices, Micron earnings, government shutdown: Morning Rundown - Yahoo Finance

Oil prices, Micron earnings, government shutdown: Morning Rundown

Oil prices continue to rise, a cause for concern for Fed regulators who see energy prices as a key inflation driver. Despite Micron Technology's ( MU) fourth-quarter earnings beat reported yesterday, investor sentiment remains mixed. Lastly, a government shutdown seems inevitable after House lawmakers rejected a federal budget proposal from the Senate.

Yahoo Finance's Brian Sozzi and Brad Smith rundown this morning's top headlines live from the Nasdaq MarketSite.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video Transcript

BRAD SMITH: Here's your morning rundown. It just keeps climbing. Oil extends its rally, nearing a $100 a barrel cost on concerns of lower supply and growing demand. Now, the spike in crude causing a headache for central bank officials and that stubborn inflation number and bets on other US interest rate hikes also keep the dollar elevated.

BRIAN SOZZI: Plus, a lackluster quarter from Micron, the US chipmaker furthering near-term losses, but there's a light or maybe a light at the end of the tunnel. Leadership predicting gross margins will be positive again further into next year, thanks to a boost from the AI sector. We'll see it just about that.

BRAD SMITH: And we're still full speed ahead towards a government shutdown. The House rejected a funding bill advanced by the Senate with no other plan to extend government funding before the October 1 deadline. Hard right Republican holdouts are digging in their opposition to any short-term funding deal and threatening to oust Speaker McCarthy if he makes a deal with House Democrats.