A look at Tuesday morning’s market action
Wall Street futures struggled early Tuesday as traders await the latest round of talks on raising the U.S. debt ceiling. Major European markets were mixed. TSX futures were little changed ahead of the release of freshDow, S&P and Nasdaq futures all wavered around break even in the early premarket period. On Monday, all three managed a positive finish, with the Nasdaq closing up 0.66 per cent while the S&P 500 gained 0.3 per cent. The Dow closed up 0.14 per cent.
On Wall Street, traders are keeping a close eye on continuing negotiations to raise the debt ceiling and avert a defaults. U.S. President Joe Biden is scheduled to discuss the debt limit with congressional leaders at the White House on Tuesday afternoon. Talks scheduled for last Friday were postponed in a move some observers suggested offered hope of progress.
Treasury Secretary Janet Yellen said Monday that agency estimates are unchanged on the possible X-date when the U.S. could run out of cash — perhaps as early as June 1, according to the Associated Press. However, Ms. Yellen, in a letter to the House and Senate, also left some opening for a possible time extension, saying that “the actual date Treasury exhausts extraordinary measures could be a number of days or weeks later than these estimates,” the news agency said.
Crude prices were treading water in early trading with disappointing economic news out of China offsetting a move by the U.S. to refill its Strategic Petroleum Reserve. Still, in a forecast issued early Tuesday, the Paris-based International Energy Agency raised its outlook for global oil demand by 200,000 barrels per day and suggested that recent price declines were at odds with strong demand and lower supply.Spot gold was down 0.7per cent at US$2,006.39 per ounce early Tuesday morning, while U.S. gold futures shed 0.5 per cent to US$2,011.70.The Canadian dollar was mostly steady while its U.S.
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