U.S. indices jittery ahead of FOMC Minutes
Indices in the United States were jittery on Wednesday, as markets anticipated the release of the latest FOMC minutes report.
With the Federal Reserve set to release its account of its last policy meeting, markets have already begun speculating on what this could mean for the economy.
The Fed has already addressed inflation fears, by outlining their intention to hike rates over the next few years, however as conditions change, traders are hoping that this process could be sped up.
Wednesday’s report comes a week ahead of the central bank’s informal gathering at Jackson Hole, where further details of monetary policy could be laid out.
As of writing, the S&P 500 was down 0.34%.
Oil prices fall, as stockpiles decline
Oil prices were trading lower in today’s session, helped by data from the United States showing that crude stockpiles had fallen last week.
The figures, which were released by the Energy Information Administration showed that crude inventories fell by 3.234 million barrels last week.
Markets had expected stockpiles to decline by roughly 1.055 million barrels, however the larger than expected drawdown helped to intensify recent selloffs.
With stockpiles declining, supply of oil has risen, whilst concerns over the spread of the Delta variant has impacted global demand.
WTI crude hit an intraday low of $64.94, before recovering somewhat to $65.12/bbl. As of writing.
Robinhood set to release Q2 earnings
Shares in Robinhood were higher in today’s session, as the company was expected to release their latest earnings report.
This will be the first release for Robinhood since the company went public last month and comes after a strong debut.
Investors have flocked to the stock, raising its pre-IPO value by as much as 100% in recent sessions, after the company listed on the NYSE.
Many now believe that today’s report will highlight further growth coming from the brokerage, giving space to even more gains in value.
As of writing, $HOOD was trading 7.09% higher on the day after rising $3.31 to $49.98.
Quote of the day – “The hard part is discipline, patience and judgement.”– Seth Klarman