Today’s Stock Market News: Stocks are treading water with Fed’s Powell on deck

By admin On Nov 8, 2023

Stock futures paused after a hot streak of gains on Wall Street on Wednesday, as investors awaited comments from Federal Reserve Chair Jerome Powell as they assessed whether the central bank was done raising interest rates.

Standard & Poor’s 500 (^ GSBC) Futures hover just above the flat line, after To close higher for the seventh day in a row In the longest winning streak for the benchmark index since 2021. Dow Jones Industrial Average (^ DJI(and Nasdaq 100)^NDX) Futures contracts were also largely unchanged.

Words of caution Many hawkish members of the Fed put an end to optimism about interest rates peaking, dampening the momentum generated by rising stocks. But 90% of traders are sticking with their bet that there will be no rise this year, and 25% of them expect interest rates to be cut in March, according to the European Central Bank report. CME FedWatch tool.

The market is now on high alert for what Powell will say about the Fed’s thinking when he speaks at a conference on Wednesday morning — in particular, whether it is winning the battle to cool inflation. Several other central bank officials are scheduled to appear later, including New York Fed President John Williams.

Oil prices – one of the main inputs to inflation levels – It declined on WednesdayAfter falling to three-month lows the previous day as concerns grew about demand from China and the United States. West Texas Intermediate crude futures (each = q) and Brent crude futures (BZ = F(Both fell about 1%, falling to $76.82 and $81.12 per barrel, respectively.)

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Stocks are in a holding pattern with Powell’s comments ahead

US futures were broadly unchanged on Wednesday as investors waited for Federal Reserve Chair Jerome Powell’s comment to gain insight into the path of interest rates.

Futures contracts on the Dow Jones Industrial Average (^ DJI(by 0.06%, or 20 points, while the S&P 500 rose)^ GSBC) Futures added 0.02%. Contracts on the highly technical Nasdaq 100 index (^NDX) decreased by 0.06%.