US shares set to continue momentum as traders watch oil

A drop in weekly oil inventories propelled oil prices just shy of the $50 a barrel mark.

A nodding donkey silhouette
All eyes on the global oil market today

It promises to be a busy day in the US with shares set to continue the momentum yesterday and head higher as traders keep an eye on the oil price.

A drop in weekly oil inventories propelled oil prices just shy of the $50 a barrel mark.

Today, US crude is up 0.61% to US$49.86 at the time of writing.

On Wednesday, the bourse bellwether S&P 500 index closed 0.7%, or around 14 points higher at 2,090, while the S&P Midcap 400 was 0.7% higher at 1,481.

The benchmark Dow closed 145 points to the good at 17,851, while the tech heavy Nasdaq exchange ended over 33 higher at 4,894.

Today, futures has the Dow up 21 points; the S&P500 up 1.25 and the Nasdaq five points higher.

Commentators reckon the oil market may be returning to normal after dropping off the cliff due to oversupply.

Recent disruptions in the likes of Canada, Nigeria and Venezuela have cut millions of barrels.

Moving pre-market is Japanese air bag giant Takata (TYO: 7312) which has surged over 20% on reports that a US private equity firm could take a majority stake.

According to a newspaper report, Kohlberg Kravis Roberts wants to buy a 60% stake.

The firm has been hitting headlines for some time now over faulty airbag parts, which have been have been installed in tens of millions of cars and the deal could prove a lifeline.

Shares in search engine Yahoo (NASDAQ:YHOO) added 2.56% in pre-market to US$36.5 after they plunged over 5% on Wednesday after Alibaba (NASDAQ:BABA)  revealed it was being investigated by the US Securities and Exchange Commission over accounting practices. Yahoo has a large stake in Alibaba.

Sears Holdings, Dollar Tree and Abercrombie & Fitch are among firms reporting quarterly results ahead of the open.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Orthocell's Paul Anderson hails FDA approval for dental bone and tissue...

Orthocell Ltd's (ASX:OCC) Paul Anderson caught up with Proactive's Andrew Scott soon after announcing they've received Food and Drug Administration’s (FDA) 510(k) clearance to market and supply its CelGro collagen medical device for dental bone and tissue regeneration procedures in the US....

2 days, 23 hours ago

2 min read