U.S. stocks are set for gains and markets around the world are rising after the Federal Reserve chair killed talk of a June interest rate hike.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. June rate hike off the table
1. June rate hike off the table
Global markets are gaining after Yellen indicated a rate hike this month is off the table. In a speech Monday, she remained optimistic about the U.S. economy, but expressed concern about the recent U.S. hiring slowdown.
She also mentioned China's slowing economy and uncertainty about the outcome of the U.K. vote on membership of the European Union.
The dollar was weaker overnight against most major currencies after her remarks.
2. GBP up 1% as Brexit polls give lead to ‘Remain’ campaign
2. GBP up 1% as Brexit polls give lead to ‘Remain’ campaign
The pound moved higher as two new polls on the June 23 referendum on the U.K.’s membership in the European Union showed the “remain” camp with a slight lead, reducing jitters that the vote could lead to a Brexit.
GBP/USD was up 0.93% at 1.4575, though sterling spiked to an intraday high at $1.4656. There was talk that the sudden surge might have been due to a “fat finger” error.
3. Oil trades near 8-month highs
3. Oil trades near 8-month highs
Oil prices pushed higher on Tuesday as investors continued to weigh the cuts in production from attacks on Nigerian pipelines and expectations for a decline in U.S. crude inventories bolstered sentiment.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 3.5 million barrels in the week ended June 3.
U.S. crude oil futures rose 0.38% to $49.39, at 10:04AM GMT, or 6:04AM ET, while Brent oil advanced 0.26% to $50.68.
4. Markets overview and recap
4. Markets overview and recap
European markets are gaining in early trading, with Germany's DAX up 1.5%. Asian markets ended the session positive.
On Monday, the Dow Jones industrial average was up 0.6%, while the S&P 500 and Nasdaq both gained 0.5%.
