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Vladimir Zernov
U.S. Stock Market

Stocks Continue To Trade Near All-Time Highs

S&P 500 futures are swinging between gains and losses in premarket trading, and it looks that traders wait for additional catalysts that could move the market higher.

Yesterday, stocks made an attempt to gain upside momentum but lost steam and finished in the negative territory. Today, traders will have a chance to take a look at the latest FOMC Minutes which may have a notable impact on markets.

The yield of 10-year Treasuries has started to move higher, which can put some pressure on tech stocks at the beginning of the trading session. If FOMC Minutes are not dovish enough, Treasury yields may increase, which will be bearish for stocks.

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WTI Oil Tries To Settle Back Above The $60 Level

The recent API Crude Oil Stock Change report indicated that crude inventories declined by 2.6 million barrels. The report provided support to WTI oil which is currently trying to settle back above the psychologically important $60 level.

Virus worries have put some pressure on oil in the recent trading sessions, but the robust economic rebound in the U.S. served as a bullish catalyst. It remains to be seen whether positive economic data will be able to offset the negative impact of the third wave of the virus in Europe which puts pressure on oil demand.

Traders will also have a chance to take a look at the latest EIA Weekly Petroleum Status Report, which may have a significant impact on today’s trading session. Analysts expect that the report will show that crude inventories declined by 1.4 million barrels. If the report exceeds expectations, oil will have a good chance to move higher.

Precious Metals Pull Back

Gold and silver found themselves under pressure in today’s trading session without visible catalysts for such a move. The U.S. dollar is flat against a broad basket of currencies, while the rebound of Treasury yields is not significant.

Gold has recently made an attempt to settle back below the 20 EMA level at $1730. A move below this level will be a major disappointment for the bulls as it will indicate that the attempt to gain additional upside momentum yielded no results. In this case, shares of gold and silver miners will move lower.

For a look at all of today’s economic events, check out our economic calendar.

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