A look at Tuesday morning’s market action
Wall Street futures struggled early Tuesday as traders head into the final trading day of the month. Major European markets were weaker.Futures tied to the Dow, S&P and Nasdaq all saw overnight gains but struggled to hold them as the North American open approached. All three saw a positive session on Monday, but are still down for the month.
“Some positive signs remained: higher retail and food services sales are pointing to an uptick in consumer spending following a 1% decline in the third quarter. But we expect another large drop in residential investment in the fourth quarter as housing markets continue to retrench.”South of the border, retail earnings are due with the latest quarterly results from Target.
The day range on Brent was US$82.19 to US$83.20 in the early premarket period. The range on West Texas Intermediate was US$75.55 to US$76.65. Both benchmarks are on track for monthly declines. Brent is off more than 2 per cent in February so far while WTI is down more than 3 per cent. Prices have been supported by expectations of demand growth after China eased its strict COVID-19 policies.
Later in the session, traders will get weekly U.S. inventory figures from the American Petroleum Institute. More official government numbers follow on Wednesday morning.
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