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HomeTrading RoomStocks Are Unchanged As Investors Await Powell's Comments: Constant Updates

Stocks Are Unchanged As Investors Await Powell’s Comments: Constant Updates

While investors awaited Federal Reserve Chair Jerome Powell’s most recent remarks on the status of the economy, stocks were unchanged on Tuesday.

The S&P 500 traded unchanged while the Dow Jones Industrial Average recently traded down 21 points, or 0.06%. The Nasdaq Composite advanced by 0.2%.

On the strength of the holiday quarter, Dick’s Sporting Goods shares increased. On news that it will be acquiring Sequence, a telehealth platform for subscribers with a focus on chronic weight control, WW International’s stock increased by more than 30%.

Tuesday and Wednesday are scheduled for Fed Chair Powell’s congressional testimony, during which he will make statements about the state of the US economy and the future direction of interest rates.

The market’s trajectory could be affected by the commentary in the short term, or at least during this exciting week of economic data that culminates with Friday’s February jobs report.

As we wait for Kuroda’s final BoJ meeting and Friday’s US payroll report, the Powell testimony to Congress and China’s underwhelming growth objective should pull risk assets lower this week, according to Barclays’ Ajay Rajadhyaksha.

The major averages just finished a session with modest advances. Along with the S&P 500 and Nasdaq Composite, the Dow increased by 0.1% on Monday.

Stocks increased to start the day when Goldman Sachs started covering Apple with a buy rating, supporting both the producer of iPhones and the greater market. The major averages surrendered the majority of their gains after a slight rise in bond yields.

With the release of January wholesale inventory statistics on Tuesday after the opening bell, investors will gain further insight into the consumer economy. According to economists surveyed by Dow Jones, instead of the 0.1% increase seen in the previous measurement, a decline of 0.4% is expected.

The consumer credit statistics, which will be released on Tuesday in the afternoon, is expected to show a rise of $22 billion in January, according to consensus estimates from Dow Jones. It would follow a $11.6 billion increase the prior year month.

Source (CNBC)

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