The post-summer market began on Tuesday - following the Labor Day break - with Wall Street set to display a more positive mood than of late.
U.S. stock futures were firmer on Tuesday but hovering only just above six-week lows as worries about high energy prices, stubborn inflation and tightening monetary policy continued to contain bullish sentiment.
But lingering concerns about the economic fallout from a European energy crisis and the Federal Reserve’s determination to damp multi-decade high inflation were constraining gains. “Stocks ended a difficult week with a volatile pre-Labor Day session, buoyed by better than expected jobs numbers by almost every metric, especially a rise in the participation rate,” said Evercore ISI in a note.
A pullback in the dollar index DXY from 20-year highs as the euro EURUSD and pound GBPUSD bounced off recent lows also was helping sentiment early on Tuesday. A strong dollar is seen hampering profits of those U.S. companies with overseas sales.
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