US stock futures edged higher on eagerly awaited comments from Fed chief Powell
U.S. stock futures rose on Tuesday on eagerly anticipated comments from Federal Reserve Chairman Jerome Powell, speaking for the first time since the failed jobs report spooked traders. change their rate forecast closer to the level he favors.
What is happening
Dow Jones Industrial Average Futures
up 20 points, or 0.1%, to 33954.
S&P 500 Futures Contract
rose 8 points, or 0.2%, to 4132.
Nasdaq 100 futures
rose 47.75 points, or 0.4%, to 12563.
On Monday, the Dow Jones Industrial Average
down 35 points, or 0.1%, to 33891, S&P 500
fell 25 points, or 0.61%, to 4111 and the Nasdaq Composite
fell 120 points, or 1%, to 11887.
What is driving the market?
Powell will be interviewed by David Rubinstein, co-chair of private equity giant The Carlyle Group, at 12:40 p.m. at the Economic Club of Washington, D.C.
David Stritch, currency analyst at Caxton in London, said: “While he has previously remained tight-lipped about similar events, Friday’s jobs announcement and interest rate adjustment are similar. future to predict a higher interest rate over a longer period may allow him to enjoy his win.” .
Last week, the Labor Department reported a 517,000 increase in nonfarm payrolls, as well as a drop in the unemployment rate to 3.4%. Interest rate futures imply the Fed’s final rate of 5.157%, according to Deutsche Bank, 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 previously forecast.
In addition to Powell’s speech, there are data on trade and consumer credit, as well as a speech by Vice President of Oversight Michael Barr.