The future of Fed President Powell’s testimony goes up in Reuters

Author: Bansari Mayur Kamdar

(Reuters) – US stock index futures rose on Tuesday as investors picked up damaged shares ahead of Federal Reserve Chairman Jerome Powell’s testimony that could offer new insights into policy tightening and central bank plans to tackle inflation.

A rise in futures paved the way for a five-day decline, and the Nasdaq would extend its thin gains from Monday, as major technology stocks gained after rising bond yields.

Megacap growth companies include Apple Inc. (NASDAQ :), Amazon.com Inc. (NASDAQ :), Microsoft Corp. (NASDAQ :), Meta Platforms Inc. and Tesla (NASDAQ 🙂 Inc. rose 1% in pre-market trading.

Marko Kolanovic, chief market strategist at JPMorgan Chase & Co. (NYSE 🙂 said the market was “overwhelmed” by the recent decline in risky assets, and that it offered investors the opportunity to buy.

Powell will appear before the Senate Banking Committee at 10 a.m. to head a four-year term as Fed chairman, and Lael Brainard will appear before the same table on Thursday to rise to a four-year term. As Vice President of the Faith.

At 6:54 a.m. ET, they were up 95 points, or 0.26%, up 19.25 points, or 0.41%, and 93.5 points, or 0.6%.

Stock markets have plummeted since the start of the year after a quick-than-expected rise in interest rates a few minutes after the Fed’s December meeting as a result of rising inflationary pressures.

Investors will be looking at key consumer inflation data on Wednesday, with the CPI headline expected to be in the red at 7% year-on-year, adding to fears that the Fed could raise the trajectory of rising interest rates.

The main event of the week is the start of the fourth quarter earnings season on Friday, with large banks expecting quarterly revenue growth thanks to new lending and strong Treasury yields.

Large banks such as JPMorgan Chase & Co., Goldman Sachs (NYSE :), Bank of America Corp (NYSE :), Morgan Stanley (NYSE 🙂 and Citigroup Inc. (NYSE 🙂 gained 0.4% to 0.6%, respectively.

Intel (NASDAQ 🙂 gained 1.3% over Micron (NASDAQ 🙂 Chief Technology Officer David Zinsner appointed chip maker from January 17 as CFO and executive vice president, while Micron fell 0.6%.