Stock indices showed a mixed performance so far in today’s trading session, following Federal Reserve Chair Jerome Powell’s testimony to the Senate Banking Committee. Powell discussed the central bank’s fight against inflation and the cooling job market, highlighting the progress made but also hinting at potential rate cuts in the future. Investors are now speculating that a rate cut could happen as soon as the Fed’s September meeting, with chances around 72% according to CME FedWatch.
The U.S. futures edged higher as the S&P 500 and Nasdaq Composite closed at new record highs, leading to more hope among investors for a rate cut by the Federal Reserve due to easing inflation. The Nasdaq 100, S&P 500, and Dow Jones Industrial Average futures were up, hinting at positive momentum in broader indices. However, upcoming economic data and corporate earnings reports could still affect the market’s trend despite the recent high levels in the market.
In after-hours trading, some stocks saw significant movements, such as Zapp Electric Vehicles jumping over 24% and Intel stock rising on growth predictions. Conversely, Helios Technologies saw a decline after its CEO was placed on leave. Economic reports to watch out for this week include CPI and PPI releases, along with earnings reports from companies like SMART Global Holdings. With the U.S. 10-year treasury yield up and WTI crude oil futures trending lower, global markets are experiencing varying levels of uncertainty.
