Wednesday, March 22, 2023
HomeMarketU.S. stock futures nudge higher ahead of eagerly awaited comments from Fed...

U.S. stock futures nudge higher ahead of eagerly awaited comments from Fed chief Powell

- Advertisement -

U.S. stock futures rose on Tuesday ahead of eagerly anticipated comments from Federal Reserve Chair Jerome Powell, speaking for the first time since a blowout jobs report caused traders to shift their interest-rate forecasts closer to the one he’s championed.

What’s happening
  • Dow Jones Industrial Average futures
    rose 20 points, or 0.1%, to 33954.

  • S&P 500 futures
    gained 8 points, or 0.2%, to 4132.

  • Nasdaq 100 futures
    increased 47.75 points, or 0.4%, to 12563.

On Monday, the Dow Jones Industrial Average
fell 35 points, or 0.1%, to 33891, the S&P 500
declined 25 points, or 0.61%, to 4111, and the Nasdaq Composite
dropped 120 points, or 1%, to 11887.

What’s driving markets

Powell will be interviewed by David Rubinstein, the co-chairman of private-equity giant The Carlyle Group, at 12:40 p.m. at the Economic Club of Washington, D.C.

“While he has remained tight lipped at similar events in the past, Friday’s jobs release and the realignment of interest rate futures to anticipate a higher rate for longer could allow him to relish his victory,” said David Stritch, currency analyst at Caxton in London.

Last week, the Labor Department reported a 517,000 surge in nonfarm payrolls, as well as a drop in the unemployment rate to 3.4%. Interest-rate futures implied a terminal Fed rate of 5.157%, which according to Deutsche Bank was the first new high since early November.

Atlanta Fed President Raphael Bostic told Bloomberg that the jobs report means interest rates may have to rise more than he’s previously forecast.

Besides the Powell speech, there’s also data on trade and consumer credit, as well as a speech from Vice Chair for Supervision Michael Barr.


- Advertisment -

Most Popular