Investors are cautious in the premarket. Fed minutes in the spotlight
The US stocks are expected to open lower today as investors are looking for the
release of the minutes of the last Federal Reserve meeting, expecting clues on
future monetary policy. At last month’s meeting, the policymakers decided to
raise interest rates for the first time since 2018. A more aggressive approach
could be in sight to keep inflation in check. Federal Reserve Governor Lael
Brainard called for interest rate increases and rapid reductions to the Fed’s
balance sheet to bring the US’ monetary policy to a “more neutral position”
later this year.
USA30
lost 0.5%, while USA500
traded 0.7% lower. TECH100
dropped 1.1%.
Oil prices edged higher today as traders are balancing
supply concerns on the back of new sanctions on Russia. Investors are fearful
of a weaker demand after the build-up in US crude inventories and an extended
COVID-19 lockdown in Shanghai. According to the American Petroleum Institute
(API) data, the crude stocks rose for the first time in three weeks – just over
1 million barrels.
US crude
oil traded 1.7% higher at $103.72 per barrel, while Brent increased 1.3% to
$108.06 a barrel.
Sources: cnbc.com, investing.com
