U.S. stock futures started the week on a negative note as last Friday’s jobs report and a further escalation in the Ukraine war weighed on markets.
Prices for wheat, corn, oats & soybeans have retreated from highs hit earlier this year when war broke out between two of the world’s largest food exporters.
Tweet on latest from the market, as war escalates
Prices for wheat, corn, oats & soybeans have retreated from highs hit earlier this year when war broke out between two of the world's largest food exporters.
But Russia's attack Monday on civilians throughout Ukraine has oilseeds and grains climbing anew!
Via @wsj chart @FactSet pic.twitter.com/baYuZEXb3g
— The_Journalbiz (@the_journalbiz) October 10, 2022
FactSet chart on the food futures
Russia’s attack Monday on civilians throughout Ukraine has oilseeds and grains climbing anew Food Futures
Futures tied to the S&P 500 edged down 0.1%, pointing to the broad-market index extending its three-day drop into a fourth day. Nasdaq-100 futures declined 0.2%, suggesting muted losses for technology stocks after the opening bell.
“There’s still that hangover in markets. The U.S. labor market is still incredibly strong and the Fed has a single mandate right now: inflation,” said Fahad Kamal, chief investment officer at Kleinwort Hambros. That could mean the Federal Reserve will need to raise interest rates higher for longer to get prices under control.
Oil prices fell 1% with global crude benchmark Brent trading at $96.97 a barrel.