Wall Street futures were muted early Wednesday as traders await the next rate decision from the Federal Reserve later in the day. What every Canadian investor needs to know today:
Futures linked to the Dow, S&P and Nasdaq were all trading just below break even in the early premarket period. A day earlier, all three managed a positive session as concerns over the liquidity of the banking sector eased. The Dow gained 0.98 per cent by yesterday’s close. The S&P 500 added 1.3 per cent and the Nasdaq rose 1.58 per cent. Canada’sWednesday’s main event will be the Fed rate decision. Markets are expecting the U.S.
“This period of calm will no doubt be welcomed by the Fed and allow for it to continue hiking by 25 basis points without much controversy,” Mr. Erlam said. Crude prices dipped after two gains of gains after new figures showed an unexpected rise in weekly U.S. inventories, again raising demand concerns amid economic uncertainty.
“Both gold and oil are down due to increasing rate hike pressure, but the real test will come later today during the FOMC statement, especially if [Fed chair Jerome] Powell comes off as hawkish,” Stephen Innes, managing partner with SPI Asset Management, said. There were no major Canadian economic releases due Wednesday. Markets will get retail sales figures on Friday.
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