![]() In the case of a "small disruption scenario, the Bank estimates oil prices could rise to a range of $93 to $102 a barrel. If the conflict were to escalate, however, it sees prices gaining ground. Under the Bank's baseline forecast, it sees oil prices to average $90 a barrel in the current quarter and falling to $81 a barrel in 2024 as global economic growth slows. The World Bank's Commodity Markets Outlook offered three scenario forecasts for oil supplies and prices. CNBC's Jeff Cox contributed to this report.Īlthough the impact of the Israel-Hamas war on oil prices has been more limited than expected so far, the World Bank says an escalation of the conflict could push global commodity markets into "uncharted waters." The S&P 500's largest member is in a correction itself, down 14% from its 52-week high. Friday will bring the October jobs report with investors hoping for some slowing in the labor market that will allow the Fed to feel comfortable with staying on hold the rest of the year.Īpple will report earnings Thursday after the bell. The 10-year Treasury yield jumped above 5% to start last week, but it traded around 4.89% on Monday. "I think if we see rates plateauing here for a bit that would certainly usher in some good news," Hogan added. "I think that may signal that the cycle of raising rates is over, and I think that that likely helps to sort of stop that parabolic rise we've seen in Treasury yields." "Whilst we have a Fed meeting, the consensus has never been clearer that they're not going to do anything at this particular meeting, and that'll be back to back meetings of them not raising rates," Hogan said. Traders expect the Fed to be done raising rates at least for 2023. With surging interest rates as the main culprit of this stock market correction, investors will be hoping the Fed signals it could be finished with its rate hiking. The Federal Reserve decision looms Wednesday, when the central bank is widely expected to hold its benchmark interest rate at the same level. "Investors are finally feeling a little bit more confident that perhaps we priced in enough bad news and that's really manifesting in a stronger market today," he added. "Oftentimes when you get that kind of negativity going into a weekend and nothing new arises that changes the outlook for markets and the economy, you get a bit of a claw back on Monday." "We closed on the lows last week," said Art Hogan, chief market strategist at B. It's off 2.8% for October, on pace for its third-straight negative month which would be its first such streak since 2020 as the pandemic struck. The broader index shed 2.5% for the week to put it down by more than 10% from its 2023 closing high. ![]() Those moves come after the S&P 500 fell into correction territory last week. Mega-cap tech stock stocks Amazon and Meta Platforms jumped 3.9% and 2%, respectively. ![]() The Nasdaq Composite rose 1.16% to 12,789.48.Ĭommunication services was the best-performing S&P 500 sector, up by more than 2% in its best day since late August. The S&P 500 jumped 1.2% to 4,166.82 in its best performance since late August. The 30-stock index registered its best day since June 2. The Dow Jones Industrial Average gained 511.37 points, or 1.58%, to 32,928.96. Stocks rallied on Monday, with the S&P 500 ending the day out of correction territory, as traders kicked off a big week filled with a Federal Reserve rate decision, jobs report and Apple's earnings. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower DailyFX Limited is not responsible for any trading decisions taken by persons not intended to view this material.Best Debt Consolidation Loans for Bad Credit Any examples given are provided for illustrative purposes only and no representation is being made that any person will, or is likely to, achieve profits or losses similar to those examples. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice. This information is made available for informational purposes only. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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