Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Dow futures trade flat, Powell speech in focus

Published 01/09/2023, 06:42 PM
Updated 01/09/2023, 06:42 PM
© Reuters

© Reuters

By Oliver Gray 

Investing.com - U.S. stock futures were trading in a tight range during Tuesday's evening trade, after major benchmark averages finished mixed during the regular session as investors rotated toward riskier assets amid signs of a cooling economy and bets of less aggressive interest rates from Federal Reserve policymakers going forward.

By 18:30 ET (23:30 GMT) Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures were each trading within a range of 0.1%.

In extended deals, Accolade Inc (NASDAQ:ACCD) added 5.3% after the company reported Q3 losses of $0.56 per share, better than expected losses of $0.62 per share, while revenue was reported at $90.9 million versus $87.54M expected.

Ahead in Wednesday’s session, market participants will be closely monitoring Federal Reserve Chair Jerome Powell’s speech for any insights into the future path of interest rate hikes. In addition, wholesale inventories and NFIB business optimism are also slated for release.

In regular trading, the Dow Jones Industrial Average fell 113 points or 0.3% to 33,517.7, the S&P 500 eased 3 points or 0.1% to 3,892.1, and the NASDAQ Composite added 66.4 points or 0.6% to finish at 10,635.7, boosted by a rebounding tech sector, with Tesla Inc (NASDAQ:TSLA) lifting 5.9%, Amazon.com Inc (NASDAQ:AMZN) up 1.5%, Microsoft Corporation (NASDAQ:MSFT) adding 1%, and NVIDIA Corporation (NASDAQ:NVDA) up 5.2%.

On the bond markets, United States 10-Year rates were at 3.527%.

Latest comments

Once JP reiterates what was already documented in the Fed notes, the market will react as expected (down).
I concur.
false.
Common sense says he continues to push hawkish stance. If he doesnt market will take off and his job becomes harder. Bottom line hard hawkish speech indicating long way to go and not be distracted from short term trend. Jamie Dimon whether you like him or not has been ahead of this. In fact as having managed account with chase he was saying things even my advisor group was not saying. Expect rates over 5%. Remember month if month cpi is the most important. Cpi will go down as long as mom is less increase than the cpi number. The issue occurs when cpi peaks and starts to reduce. To reduce cpi after june mom (month over month) has to be negative
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.