Futures for stocks on Wall Street declined on Tuesday, as traders look to key economic data this week and a fresh batch of corporate earnings. Most futures for the Dow Jones, S&P 500, and Nasdaq 100 remained unchanged.
Comments from the president of the Federal Reserve Bank of Kansas City, Jeffrey Schmidt, on Monday had an impact on sentiment. Schmidt, delivering his first policy speech since taking office in August last year, became the latest Fed official to affirm that there is no rush to proactively lower interest rates from their highest levels in over two decades due to persistent inflation.
Decision-makers at the Federal Reserve and markets alike will have more economic data to digest in the coming days. Updated US Gross Domestic Product (GDP) figures for the fourth quarter are scheduled for release on Wednesday, while the Personal Consumption Expenditures (PCE) Price Index, a key inflation gauge, is set for Thursday. Investors will also be monitoring ongoing quarterly earnings reports.
On another note, Bitcoin prices reached their highest level in two years on Tuesday, largely supported by indications of continued inflows into exchange-traded funds launched earlier this year. Oil prices rose in European trading on Tuesday, extending gains from the previous session, as concerns about supply shortages continued to support prices this week.
However, crude oil prices largely remained within the range of $75 to $85 per barrel set over the past two months, hindered by concerns that persistent inflation and higher long-term interest rates will impact demand. Analysts at Goldman Sachs expect oil prices to largely remain within the range of $70 to $90 per barrel in the near term.
Stay informed about global markets through ourprevious analyses. and Now, you can also benefit from LDN company services via the LDN Global Marketstrading platform.
Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.
