Global Market Trend As Of June 10th, 2022

Analysts Views

U.S Markets, U.S. equity futures traded cautiously ahead of a much anticipated key reading on inflation. The major futures indexes suggest a mixed opening when trading begins on Wall Street.

The wide expectation is that the Fed will raise its key interest rate in the U.S. next week by half of a percentage point, the second straight increase of double the usual amount. Investors expect a third to hit in July. 

On Thursday, the S&P 500 dropped 2.4% to close at 4,017.82, while the Dow Jones Industrial Average sank 1.9% to 32,272.79. The Nasdaq composite tumbled 2.8% to 11,754.23.

Unemployment data, A report showed slightly more U.S. workers filed for unemployment last week than economists expected. That’s a potentially negative signal, but the overall number still remains low.

Commodities, Oil prices fell on Friday, but remained near three-month highs on concerns over new COVID-19 lockdown measures in Shanghai.

U.S. West Texas Intermediate crude traded around $120 a barrel and was set for a seventh straight weekly increase. The price of gasoline in the U.S. continues a slow crawl toward $5.00 a gallon. The price on Friday morning was $4.986, according to AAA.

Treasury Bill, the yield on the 10-year Treasury was at 3.04%.

Consumer price index, the Bureau of Labor Statistics is expected to say the consumer price index rose 0.7% month-over-month in May. That’s up from a 0.3% increase in April. On a year-over-year basis watch for prices to jump 8.3% in May, unchanged from April’s rise. 

If you factor out volatile food and energy costs, the core consumer price index is anticipated to rise 0.5% for the month.

Bitcoin traded around $30,000.