A look at Tuesday morning’s market action
Dow, S&P and Nasdaq futures wavered early premarket trading following a choppy session on Monday. The Nasdaq finished yesterday up 0.67 per cent while the S&P 500 managed a 0.01-per-cent increase. The Dow slid 0.22 per cent. Canada’sRate concerns continue to weigh on sentiment.
In Canada, Bank of Canada on-executive deputy governor Nicolas Vincent speaks this morning on Canada’s economic situation at the Chamber of Commerce of Metropolitan Montreal. Overseas, the pan-European STOXX 600 was up 0.10 per cent. Britain’s FTSE 100 added 0.36 per cent. Germany’s DAX and France’s CAC 40 were mostly flat.Crude prices were choppy in early trading, hit by a strong U.S. dollar and high bond yields.
“The crude price rally is quickly cooling as global bond yields continue to skyrocket,” OANDA senior analyst Ed Moya said. The day range on the loonie was 72.89 US cents to 73.21 US cents in the early premarket period. The Canadian dollar has slid more than 1 per cent against the greenback over the past five days.
On world markets, the U.S. dollar index, which weighs the greenback against a group of currencies, The dollar index, was up slightly at 107.06, around its highest since November. The greenback gained after a strong reading on factory activity on Monday underscored expectations that the Fed will keep borrowing costs higher for longer.
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