A look at Thursday morning’s market action
Wall Street futures saw modest early gains on Thursday after the latest Federal Reserve minutes again flagged inflation concerns and hinted rates could need to rise further to contain price pressures. Major European markets were negative.In the early premarket period, futures linked to the Dow, S&P and Nasdaq all managed to edge above break even. All three saw losses on Wednesday with the Nasdaq slipping more than 1 per cent.
“After hitting five-month lows in the March sell-off, the U.S. number one retailer [Walmart] has managed to not only maintain healthy sales growth but also returned record revenues at the end of last year,” Michael Hewson, chief market analyst with CMC Markets U.K., said in a note. “In its Q1 numbers there was little sign that the U.S. consumer was feeling the pinch from higher prices.
“Oil traders are getting that sinking feeling as rates and carry pressure builds again as the oil market sniffs out demand fears against the backdrop of the Fed that may have little alternative to turn up the Fed funds screws to throw a wet blanket over the red hot U.S. economy,” Stephen Innes, managing partner with SPI Asset Management, said.
“The EIA report had a little bit of everything for the oil bulls and bears,” OANDA senior analyst Ed Moya said. In other commodities, gold prices held near a five-week low as the U.S. dollar showed continued strenghth.
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