Stock futures rise, oil prices slip on schedule to tap oil reserves

March 31, 2022 3:42 PM ET

US stock futures rose and crude oil prices fell amid reports that the White House plans to tap the country’s oil reserves to curb soaring gasoline prices.

S&P 500 futures were up 0.3% and futures linked to the Dow Jones Industrial Average were up 0.2%. Changes in futures do not necessarily predict movements after markets open.

In Europe, the Stoxx Europe 600 was up 0.2% in morning trade as gains in the healthcare and consumer staples sectors were partially offset by losses in the consumer discretionary and real estate sectors.

Industria de Diseño Textil fell 2.1% and NEXT 4.8% after a two-day losing streak.

The UK FTSE 100 rose 0.2%. Other equity indices in Europe were also mostly higher, with the French CAC 40 up 0.3% and the German DAX up 0.6%.

The Swiss franc, euro and pound sterling each gained 0.1% against the US dollar.

In commodities, Brent crude slipped 3.5% to $107.50 a barrel. Gold also fell 0.3% to $1,933.40 an ounce.

The 10-year German Bund yield fell to 0.597% and the 10-year UK Gilt yield fell to 1.616%. The US 10-year Treasury yield fell to 2.322% from 2.357%. Yields and prices move in opposite directions.

In Asia, indices were mostly lower as China’s benchmark Shanghai Composite fell 0.4%, Hong Kong’s Hang Seng fell 0.5% and Japan’s Nikkei 225 index fell 0.7%.

Traders worked on the floor of the New York Stock Exchange on Wednesday.


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—An artificial intelligence tool was used in the creation of this article.

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