U.S. STOCK FUTURES STEADY EVEN AS CRUDE OIL PRICE SOARS TO $75/BBL
US equity-index futures were steady, and crude oil traded above $75 per barrel, as investors weighed the potential for a more hawkish tilt at the Federal Reserve and OPEC+ tensions over oil production, Andreea Papuc and Srinivisan Sivabalan reported for Bloomberg News.
Contracts on the S&P 500 Index slipped marginally after the benchmark index notched up another record on Friday. West Texas Intermediate crude rose for a fourth time in five days as the United Arab Emirates held out against an extension of output increase by the OPEC+ alliance.
The US jobs report Friday signaled the economy is gaining steam but not at a pace that would prompt the central bank to taper stimulus quickly.
Fed watchers awaited June meeting minutes due Wednesday to gauge how far divisions among members have widened on the tapering timeline.
US stock and bond markets remain closed for the July 4 Independence Day holiday.
“Today’s public holiday suggests trading will be quiet, although the Fed story will very much re-emerge on Wednesday evening when investors pore through the minutes of the pivotal June 16th FOMC meeting,” ING Groep strategists including Chris Turner wrote in a note. “Before then, we expect much focus on the commodity complex.”
Futures on the Nasdaq 100 were little changed as of 8:20 a.m. New York time. Futures on the Dow Jones Industrial Average were little changed. The Stoxx Europe 600 rose 0.3%. The MSCI World index was little changed. The Bloomberg Dollar Spot Index was little changed.
The euro was little changed at $1.1861. The British pound rose 0.2% to $1.3852. The Japanese yen rose 0.1% to 110.91 per dollar. Germany’s 10-year yield advanced two basis points to -0.22%. Britain’s 10-year yield advanced one basis point to 0.72%. West Texas Intermediate crude rose 0.2% to $75.34 a barrel. Gold futures rose 0.4% to $1,791.30 an ounce, Michael G. Wilson reported for Bloomberg News.