A look at Thursday morning’s market action
Wall Street futures were higher early Thursday with positive results from Facebook parent Meta Platforms boosting tech shares. Major European markets were positive after a choppy start.In the early premarket period, futures tied to the Nasdaq, Dow and S&P were all above water. Wall Street saw a mixed session on Wednesday with the tech-heavy Nasdaq advancing 0.47 per cent while the S&P 500 slid 0.38 per cent and the Dow lost 0.68 per cent.
Canadian investors will also get a look at the country’s housing market when Canada Mortgage and Housing Corp. releases its market forecast. In corporate news, Canada’s Teck Resources continues to be at the forefront after the company pulled its plan to split into two units just ahead of an expected shareholder vote on Wednesday. Teck says it will propose an alternate plan. The Globe’s Niall McGeethat the move increases the chances that one of the last of the country’s big miners will be swallowed up by a foreign interest.
The day range on Brent was US$77.71 to US$77.77 in the premarket period. The range on West Texas Intermediate was US$74.26 to US$74.84.“Oil has been in freefall over a challenging economic environment, banking jitters, disappointment with China’s reopening, fears of overtightening by the Fed, and on expectation Permian basin production has yet to peak,” OANDA senior analyst Ed Moya said.
“The economy is weakening but it isn’t falling off a cliff, so we shouldn’t be seeing oil trade near the low US$70s,” Mr. Moya said.
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