U.S. stock futures traded sideways Wednesday evening after a turbulent day in markets that saw the Nasdaq close in correction territory – or at least 10% down from its peak – as rising bond yields and concerns around tighter monetary policy continued to plague investors.
Bob Iaccino, Path Trading Partners Co-Founder and Chief Market Strategist & The Stock Think Tank Co-Portfolio Manager, joins Yahoo Finance Live to discuss crude oil's seven-year high, Russian and Omicron pressures on global oil supplies, tensions with the UAE, and sustainability in energy stocks and ESG investments.
Higher commodity prices were supporting the Canadian and Australian dollars on Thursday, while a pause in this week's rally in U.S. Treasury yields meant the dollar also marked time. The Canadian dollar touched a touched a 10-week high on Wednesday with one U.S. dollar worth C$1.245, before paring gains, also supported by higher Canadian inflation figures. "Overnight commodity prices were the big driver for commodity currencies, but you've still got the undertone that (COVID-19 variant) Omicron is not going to have a lasting detrimental impact on the global economic outlook," said Kim Mundy, senior economist and currency strategist at Commonwealth Bank of Australia.