A look at Wednesday morning’s market action
S&P and Nasdaq futures were higher in the early premarket period, while Dow futures wavered around break even. All three finished Tuesday’s session up with the Nasdaq and S&P 500 managing their best levels since last spring during the trading day. Canada’sfinished yesterday up 0.35 per cent to mark its best closing level in a week.
She noted that core inflation in the U.S. remains well above the Fed’s 2-per-cent target, the U.S. jobs market is still strong and equity valuations point to an overly optimistic market. Overseas, the pan-European STOXX 600 was up 0.45 per cent in morning trading. Britain’s FTSE 100 rose 0.19 per cent. Germany’s DAX and France’s CAC 40 advanced 0.45 per cent and 0.72 per cent, respectively.Crude prices added to the previous session’s gains in early trading while markets await the Fed’s rate decision later in the session.
“Risk markets remain supported ahead of the widely expected Fed pause and the generally held view that inflation will continue to ebb through the summer,” Stephen Innes, managing partner with SPI Asset management, said in a note. Meanwhile, the International Energy Agency said early Wednesday that the boost to oil demand growth from the post-pandemic recovery is set to end this year, with economic challenges and the transition to cleaner fuels slowing growth from 2024, according to Reuters.
Meanwhile, pot gold rose 0.4 per cent to US$1,950.09 per ounce by early Wednesday morning. U.S. gold futures rose 0.2 per cent to US$1,962.90.The Canadian dollar was higher in early trading, supported by improved crude prices and positive risk sentiment, while its U.S. counterpart slid against world currencies as markets anticipate the Fed foregoing a rate hike later in the day.
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