Referenced assets
Markets have shown their fair acts of stoicism in recent days, not reacting the slightest to bad and relatively hawkish news.
Yesterday, Iran reported US strikes on its capital and a few key energy-producing regions (including Bandar Abbas and Sirik – close to Hormuz), which came as a direct response to the Iranian firing on Gulf countries at the beginning of the week.
Participants believe this will not escalate into something worse; The cold-truce remains, albeit being quite fragile.
To enlighten the mood however, Non-Farm Payrolls offered a very decent beat (+115K vs 62K exp) in this morning's release, allowing Investor mood to remain calm ahead of the weekend action.
The Unemployment Rate shows unchanged while the unrounded figures show a slight increase – But nothing too alarming.
Morning US Data – MarketPulse Economic Calendar
Canada is still showing an unstable employment picture with ups and downs virtually every month – The Canadian economy is cyclical and amid extreme doubts all around the globe, these labor numbers can only depict this truth.
The preliminary University of Michigan Consumer Sentiment also just released and came with a miss, with many consumers still signalling fears for higher inflation (logical with prices at the pump at the highest since 2022).
You can access the full report right here.
We will provide a quick outlook on the Market before diving into WTI (US) Oil Charts to get ready for what could be another volatile weekend.
A Mixed Market Picture
Stock and Energy Product Futures – Courtesy of Finviz
Except for the Tech-heavy index quickly restarting its path higher after a quick stopover, Energy and more traditional equities are scratching their heads in search for a concrete direction.
True directional moves may only be found next week, with traders preparing for the Trump-Xi meeting in China (May 14).
Metals trade higher, particularly Silver and Copper
Metals weekly performance – May 8, 2026 – Source: TradingView
Silver and Copper are leading a path higher in the entire asset class, with Gold starting to pick up some momentum.
WTI (US) Oil forms a new range between $93 and $98
WTI Daily Chart – May 8, 2026 – Source: TradingView
Oil is unable to form a concrete breakout, rejecting its up and down spikes at every attempt.
As traders await for further news, Crude is stabilizing between $93 and $98, the two boundaries to keep in check for any clear break (watch for a 4H close above or below for higher breakout odds).
Keep a close eye on sentiment and Middle East news throughout the weekend.
Safe Trades!
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