Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Top 5 Things to Know in the Market on Thursday

Economy May 04, 2017 06:17
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Top 5 Things to Know Today In Financial Markets
 
CL
+1.66%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TIOc1
-1.28%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Zinc
-2.15%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Nickel
-3.35%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Lead
+0.22%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MAL
-1.49%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com - Here are the top five things you need to know in financial markets on Thursday, May 4:

1. Markets bet on June rate hike

The Federal Reserve left interest rates unchanged on Wednesday, as was widely expected, and gave a positive assessment of the U.S. economy, suggesting it was still on track for two more rate hikes this year.

The Fed said it expects the economy to rebound after hitting a soft patch in the first three months of the year, noting that the labor market looks solid and inflation is running close to its target, setting the stage for a rate hike next month.

Futures traders are now pricing in around a 71% chance of a hike at the Fed's June meeting, according to Investing.com’s Fed Rate Monitor Tool, up from about 60% before the Fed statement.

The dollar index, which measures the greenback against a basket of currencies, shot up on the news, rising as high as 99.34. It was last at around the 99.00-level in early New York morning trade.

Meanwhile, 10-year Treasury yields rose close to 2.34% from around 2.30% late Wednesday.

On Wall Street, the blue-chip Dow futures inched up 43 points, or 0.2%, to 21,000, the S&P 500 futures tacked on 6 points, while the tech-heavy Nasdaq 100 futures rose 7 points.

On the data front jobless claims, international trade and productivity and unit labor costs are all set to come out at 8:30AM ET (12:30GMT). Factory orders are due at 10AM ET.

2. House set to vote on GOP healthcare plan

Political concerns, which have taken a backseat recently, may re-emerge, with a U.S. House of Representatives vote on a revised bill to repeal Obamacare due later in the session.

House Majority Leader Kevin McCarthy said Republican leadership is confident there is enough backing for the bill to pass, after key moderate leaders met with President Donald Trump on Wednesday.

The vote will take place just over a month after House Republicans were forced to pull the American Health Care Act from the floor just minutes before a vote after they were unable to wrangle enough of their members to vote for the bill.

3. Macron holds lead on Le Pen

Centrist presidential candidate Emmanuel Macron maintained his lead on far-right opponent Marine Le Pen following a televised political debate ahead of this Sunday's French election.

A snap Elabe poll suggested that Macron had emerged the victor with 63 points to Le Pen's 34 after the pair clashed over their visions of France's future, the euro and terrorism in a TV debate Wednesday night.

The euro ticked up 0.4% to 1.0930 against the dollar, aided by a raft of upbeat economic data.

European stocks posted firm gains, with France's CAC 40 hitting its highest level since the global financial crisis, while Germany's DAX touched a fresh all-time peak.

4. Metals sell-off continues

Metal prices extended their biggest daily decline this year on Thursday, amid a firmer dollar and concerns about Chinese demand for commodities like steel and iron.

China’s iron ore futures fell 8% on the Dalian Commodity Exchange on Thursday, taking the price to its lowest level since October.

Copper futures in London were last down 0.5%, building on Wednesday’s 3.5% slump.

Nickel fell 1.9% following a 3.3% drop the previous day. Lead was down 0.9%, aluminum was 0.4% lower and zinc dropped 0.6%.

A Caixin reading on China’s service-sector activity hit its lowest level in nearly a year for April on Thursday, adding to concerns about the country’s economic health

Among precious metals, gold fell $12, or 1%, to $1,234 an ounce. The yellow metal was on pace to have its lowest settlement since March 21, after falling 0.7% on Wednesday.

5. Glut woes hit oil prices again

Oil prices struggled near a five-week low on Thursday, as concern over a global supply glut lingered after data showed U.S. crude stockpiles fell less than expected last week.

The U.S. West Texas Intermediate crude June contract lost 39 cents, or around 0.8%, to $47.43 a barrel. The U.S. benchmark touched its weakest level since March 27 at $47.30 on Wednesday.

Elsewhere, Brent oil for July delivery on the ICE Futures Exchange in London dipped 36 cents to $50.43 a barrel, not far from a five-week low of $50.14 logged on Tuesday.

Top 5 Things to Know in the Market on Thursday
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email