July 22, 2024

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Dow Jones futures, oil prices rise

Dow Jones futures, oil prices rise

Treasury yields are on track to their highest closing level since 2007.

Traders have been pushing yields higher in the run-up to the Federal Reserve’s interest rate decision on Wednesday. The rise in inflation has led investors to worry that the central bank will keep interest rates steady, but will leave the door open for further rises. Early Monday, the rise pushed 10-year yields to the 16-year high seen in August.

One reason inflation is accelerating: rising oil prices, driven by Saudi production cuts that have led to supply shortages. Brent crude prices are on track to achieve their highest close in almost a year.

In a busy week for central banks, decisions are also being made from the Bank of England, the Bank of Japan, the Riksbank, the Turkish Central Bank, and many others.

Futures point to weak early gains for US stocks After the technology-led selloff on Friday.

Treasury yields rose. The 10-year bond was trading at a yield of 4.344%. If yields end the day above 4.339%, they will hit their highest level since 2007.

The most active Brent crude futures rose 0.5% to $94.40 per barrel.

European stocks fellled by construction and technology stocks, are trying to catch up with the swoon witnessed on Wall Street on Friday.

Asian markets were mixedWith gains in mainland China and losses in Hong Kong. Japanese markets were closed.

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