Futures Pointing To Mixed Open On Wall Street

wallstreet4 061518 16mar23 lt

Following the volatility seen over the past few sessions, stocks may show a lack of direction in early trading on Thursday.

The major index futures are currently pointing to a mixed open for the markets, with the S&P 500 futures down by 0.2 percent and the Nasdaq 100 futures up by 0.1 percent.

Uncertainty about the near-term outlook for the markets may keep some traders sidelines following the wild swings seen in recent days.

Turmoil in the financial sector may also continue to weigh on investors' minds as traders look ahead to the Federal Reserve's monetary policy meeting next week.

Some traders have recently expressed optimism the Fed will leave interest rates unchanged following the collapse of Silicon Valley Bank and Signature Bank.

CME Group's FedWatch Tool is currently indicating a 28.4 percent chance the Fed will leave rates unchanged and a 71.6 percent chance of a 25 basis point rate hike.

U.S. stocks came off the session's lows on Wednesday but still ended on a weak note, with bank stocks feeling the brunt of selling pressure.

The major averages all recovered well from the day's lows, although only the tech-heavy Nasdaq managed to close with a small gain.

The Dow ended down 280.83 points or 0.9 percent at 31,874.57, nearly 450 points off the session's low of 31,429.82. The S&P 500, which fell to 3,838.24, ended at 3,891.93, losing 27.36 points or 0.7 percent. The Nasdaq, which tumbled to 11,238.44, settled at 11,434.05, gaining 5.90 points or 0.1 percent.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Thursday. Japan's Nikkei 225 Index slid by 0.8 percent, while China's Shanghai Composite Index slumped by 1.1 percent.

Meanwhile, the major European markets have moved to the upside on the day. While the French CAC 40 Index has jumped by 1.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.7 percent.

In commodities trading, crude oil futures are slipping $0.14 to $67.47 a barrel after plunging $3.72 to $67.61 a barrel on Wednesday. Meanwhile, after jumping $20.40 to $1931.30 an ounce in the previous session, gold futures are edging down $0.20 to $1,931.10 an ounce.

On the currency front, the U.S. dollar is trading at 132.44 yen versus the 133.42 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0590 compared to yesterday's $1.0577.

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