Wall Street turned lower early today as concerns over interest rates, rising oil prices, and a possible government shutdown hung over markets, according to the Associated Press. Futures for the Dow Jones industrials inched back about 0.1% before the bell, while the S&P 500 lost 0.2%.
After more than a decade in which the Federal Reserve would quickly cut rates in order to help the economy, still-high inflation is now discouraging the Fed from lowering rates, which has put pressure on the stock market.
Other worries tugging at financial markets are the threat of another U.S. government shutdown as Capitol Hill threatens a stalemate that could shut off federal services across the country as soon as this weekend.
After reaching its highest level in more than a year on Wednesday, U.S. crude slipped 60 cents to $93.08 per barrel. Crude prices are up 30% over the last three months and are threatening to top $100 again for the first time since the summer of 2022. Brent crude, the international standard, fell 53 cents to $93.83.
In equities trading, shares in GameStop jumped 10% after the company named billionaire Ryan Cohen, the video game retailer’s largest individual investor, as its CEO.Â
Peloton climbed more than 14% in premarket trading after the online exercise bike and fitness company announced a five-year partnership with athletic wear maker Lululemon Athletica. The collaboration, announced Wednesday aftermarket, makes Peloton the exclusive digital fitness content provider for Lululemon, which will take on the role as Peloton’s primary athletic apparel partner.
In currency trading, the U.S. dollar fell to 149.31 Japanese yen from 149.63 yen.
