Stock futures are rising Thursday, building on a positive reaction to the previous day’s inflation data. The Federal Reserve now looks fully teed up for a quarter-point cut to interest rates at its monetary-policy meeting next week.
Attention will now turn to the release of the producer price index for August at 8:30 a.m. Eastern Time.
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Christian Moess, Dow Jones Newswires
Oil prices were gaining after renewed supply disruptions triggered a short covering rally, ANZ analysts said.
Hurricane Francine, which has already prompted oil companies to shut roughly a fourth of Gulf of Mexico crude output, is on a path that could hit six Gulf Coast refineries and ports, ANZ said in a note.
Brent crude was up 1.4% at $71.57 a barrel, while WTI was up 1.3% at $68.19 a barrel.
Later today, the International Energy Agency (IEA) will release its monthly oil market report. The agency previously warned that diminishing demand growth could see inventories gain next year, even if OPEC decides to pause its planned production hikes.
Oil traders will be looking for signs of a weakening demand outlook, ANZ said.
By
Emese Bartha, Dow Jones Newswires
(AFP via Getty Images)
A close U.S. presidential race between Democrat candidate Kamala Harris and Republican Donald Trump would increase the probability of a contested outcome during the presidential transition, Thomas Mucha, geopolitical strategist at Wellington Management, said in a note.
Potentially, this raises the risk of additional domestic political violence in such a polarized environment, he said. “This outcome would be a clear negative for the broader markets, as well as for the already challenged geopolitical backdrop.”
In a TV debate between Harris and Trump on Tuesday, Harris was widely considered to have delivered a better performance.
