Before the Bell: Futures struggle as stocks head for losing week

Wall Street futures slid early Friday after 10-year yields touched 5 per cent for the first time since 2007 anduncertainty continues to temper global sentiment. Major European markets were weaker. TSX futures were down.

“Powell’s comments support their higher for longer mantra, but fell short of signaling a rate hike was likely in December,” OANDA senior analyst Ed Moya said. “Until inflation is much lower, the Fed will try to jawbone the market into thinking more hikes are possible.” On the corporate side, Wall Street will get earnings this morning from credit card company American Express.

The day range on Brent was US$92.78 to US$93.76 in the early premarket period. The range on West Texas Intermediate was US$89.98 to US$90.78. “There are two distinct geopolitical scenarios to consider: one in which the conflict remains localized within Israel and another in which it escalates into a broader regional conflict that impacts shipping activities through the Strait of Hormuz.”

Gold prices, meanwhile, hit a three-month high and were on track for a second straight week of gains as geopolitical concerns boost the metal’s safe-haven appeal.

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