Site icon Market Research Telecast

Wall Street futures rise: Powell returns to Capitol Hill

Wall Street futures fall: Concern for banking returns

U.S. stocks point to a slightly higher opening on Wednesday, rebounding after heavy losses the previous day ahead of Fed Chairman Jerome Powell’s second round of Capitol Hill’s appearance.

At 13:00 (CET), the contract of Dow futures A rise of 20 points, or 0.1%, is pointed out. S&P 500 futures advance 5 points, or 0.2%, and Nasdaq 100 futures They are up 25 points, or 0.3%.

Major stock indexes closed lower on Tuesday, with the index falling. Dow Jones Industrial Average almost 600 points, or 1.7%, while the S&P 500 was left 1.5%, and the Nasdaq Composite lost 1.3%.

Powell He appears Wednesday before the House Financial Services Committee, on the second day of his semi-annual appearance before Congress.

Investors will be watching to see if he repeats his remarks on Tuesday, which indicated that interest rates could rise more than expected if economic data warrants it.

The Federal Reserve will also publish its Beige Book, which will also provide clues about the strength of the labor market and manufacturing activity.

In business, food giant Campbell Soup (NYSE:CPB) and spirits and wine producer Brown Forman (NYSE:BFb) publish their quarterly results.

In addition, Occidental Petroleum (NYSE) stock:OXY) rise before the market opens after a regulatory report showed that Berkshire Hathaway (NYSE:BRKa) of Warren Buffett has increased its stake in the oil company.

Oil prices moved in a narrow range on Wednesday, as the pessimism caused by Powell’s statements has been mitigated by an unexpected decline in US oil reserves of around 3.8 million barrels during the week ending March 3, according to data from the American Petroleum Institute.

If confirmed by Wednesday’s official data, it would be the first decline after 10 consecutive weeks of increases and would suggest a reduction in supply in this important market.

At 13:00 (CET), the futures of the U.S. crude fell 0.2% to $77.45 per barrel, while the contract for the Brent It rose 0.1% to $83.34. Both benchmark oils fell more than 3 percent on Tuesday as investors braced for a steeper rise in U.S. interest rates.

On the other hand, the futures of the gold They remain practically flat at $1,820.25 per ounce, while the pair EUR/USD It leaves 0.1% to the level of 1.0538.

Exit mobile version