Wall Street ticked modestly higher before today’s opening bell in cautious trading before the U.S. released the latest data on the U.S. jobs market, the Associated Press reports. Futures for the Dow and S&P 500 rose about 0.1%.
Market attention remains on today’s jobs report — stronger than expected — and on oil prices, which have fluctuated recently and will have major effects on how central banks act on interest rates.
A recent pullback in the price of oil has offered some relief on the inflation front for both U.S. households and the Federal Reserve.
Stocks have struggled since the summer under the weight of soaring Treasury yields in the bond market, which undercut stock prices and crimp corporate profits. Yields have leaped as traders acquiesce to a new normal, where the Federal Reserve is likely to keep its main interest rate at a high level for a long time as it tries to extinguish high inflation.
In equities trading, shale producer Pioneer Natural Resources jumped more than 10% on reports that it was in talks to be acquired by Exxon Mobil.
U.S. benchmark crude gained 18 cents to $82.49 per barrel. Brent crude, the international standard, gained 9 cents to $84.16 per barrel.
In currency trading, the U.S. dollar rose to 149.06 Japanese yen from 148.49 yen.
