US small business optimism highest in nearly a year

Chris Beauchamp IG

US stocks were mixed amid little changed oil price says Axel Rudolph, Chief Technical Analyst at online trading and investing platform IG.

US stock indices flat

US small business optimism hit a near one-year high amid significantly improved hiring plans but the data had little impact on US stock indices which traded flat as US existing home sales fell for a second month. Traders kept an eye on energy prices and the risks of a Fed rate hike this year with Treasury yields remaining close to last week's over one-year highs.

Oil price little changed

The price of crude oil was little changed at around $82.50 a barrel as hopes of progress towards a US-Iran agreement and the potential reopening of the Strait of Hormuz offset earlier gains. Comments from Pakistan’s defence minister and Qatar’s foreign ministry suggested negotiations were advancing, although renewed US pressure on Tehran continues to create uncertainty and keeps oil prices volatile.

Author

Chris Beauchamp

Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.

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