A look at Monday morning’s market action
Wall Street futures edged higher early Monday as traders look ahead to a midweek reading on U.S.. Major European markets were positive with a rate decision due from the European Central Bank later in the week. TSX futures were up.
“However, with signs of a softening labour market backdrop, the bar remains high for the Fed to justify another rate hike. Indeed, the Fed has been sensitive to spikes in unemployment in past hiking cycles.” In Canada, retail earnings will be in focus this week. Montreal-based Dollarama will release second-quarter results on Wednesday. The retail posted gains in first-quarter profit and sales as inflation-weary shoppers sought out lower-cost items.
“Apple’s iPhone events typically generate significant buzz and anticipation, leading to a surge in sales,” said Nigel Green, CEO and founder of deVere Group, an independent financial advisory, asset management and fintech organization. “This in turn will boost stock prices for shareholders in the short-term.”
The day range on Brent was US$90.11 to US$90.83 in the early premarket period. The range on West Texas Intermediate was US$86.71 to US$87.49. Both benchmarks are coming off two consecutive weeks of gains.
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