Global markets dip as oil tops $90, AMP warns $150
Global markets took a hit today as oil prices jumped past $90 a barrel, thanks to rising tensions in the Gulf and disruptions in the Strait of Hormuz.
Shane Oliver, head of investment strategy at fund manager AMP, cautioned that if things get worse, we could see oil reach $150 a barrel, definitely not great news for anyone watching their wallet.
US Fed September hike odds 60%
With oil costs climbing, inflation worries are back on everyone's mind. This has investors guessing the US Fed might raise interest rates sooner, with odds for a September hike now at 60%.
Meanwhile, everyone's keeping an eye on big tech: Alphabet, Intel, and Tesla are reporting earnings this week. Analysts expect strong results from the tech sector, especially semiconductors, with profits predicted to jump 130% year over year.
Stock action was mixed: Nasdaq futures edged up while Europe and Asia saw more varied moves.