A look at Thursday morning’s market action
Wall Street futures slid early Thursday as high yields continue to pressure stocks and traders await midday comments from Federal Reserve chair Jerome Powell. Major European markets were in the red in morning trading.
“While he probably won’t commit the central bank to a hike at this meeting, he is likely to say that rates are already restrictive given recent moves higher in yields,” Michael Hewson, chief market analyst with CMC Markets U.K., said.Stocks have been pressured this week by rising Treasury yields. On Wednesday, the yield on the U.S. 10-year note hit its highest since since July 2007 and remained at multiyear highs early Thursday. In the early premarket period, the yield on the U.S.
“Tesla missed both revenue and earnings expectations for Q3 after sales slowed, while the company earned less money by car it sold because it aggressively cut prices to gain market share,” Swissquote senior analyst Ipek Ozkardeskaya said in a note. The day range on Brent was US$89.60 to US$91.35 in the early premarket period. The range on West Texas Intermediate was US$86.76 to US$88.42. Both benchmarks were down more than 1 per cent in the early premarket period.
Prices pulled back on easing supply disruption concerns. Reuters, citing unnamed sources, reported that the group had no plan to act on Iran’s call for an oil embargo on Israel. As well, the news agency also reported that the U.S. issued a six-month license authorizing transactions in Venezuela’s energy sector, an OPEC member, after a deal was reached between the Venezuelan government and the country’s political opposition to ensure fair 2024 elections.
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