A look at Thursday morning’s market action
Wall Street futures were down in early trading Thursday morning as recession and interest rate concerns continue to weigh on market sentiment. European markets were in the red.Ahead of the North American open, futures tied to the three key U.S. indexes were all underwater, suggesting a weaker start to the trading day. On Wednesday, the S&P 500 ended down 1.56 per cent for its worst daily showing since the middle of last month. The Nasdaq and Dow both closed down more than 1 per cent.
On Thursday, Wall Street will get the weekly reading on U.S. jobless claims, offering a snapshot of the resilient U.S. labour market. Claims for initial unemployment benefits are expected to rise to 214,000 last week, from 205,000 the week before. He said Netflix has made it clear it doesn’t expect a material contribution from the new ad tier in the fourth quarter. The service launched in November.
Crude prices were down in early trading with a surprise decline in weekly U.S. inventories adding to concerns about the impact of a weaker global economy on demand. “The level of demand matters for oil prices, so if consumers have convinced themselves of recession imminent well, that spring break drive to Florida, or Hawaiian vacation will be shelved, hurting the planes, trains and automobile view for oil markets.”
Gold prices, meanwhile, were up early Thursday morning after three days of declines, helped by a weaker U.S. dollar.
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