Stock futures inch higher as investors await Fed Chair Powell’s speech
Stock futures lacked direction Tuesday morning as investors braced for the latest commentary due Tuesday from Federal Reserve Chairman Jerome Powell.
Futures tied to the S&P 500 were little changed, while futures connected to the Dow Jones Industrial Average inched 11 points, or 0.03% lower. Nasdaq-100 futures rose 0.17%.
On the earnings front, Pinterest shares fell 2% after hours on a revenue miss and weak outlook, while Chegg plummeted more than 22% on disappointing guidance.
Monday’s overnight moves followed another down session for markets as bond yields rose and pressured growth stocks. The Dow Jones Industrial Average dipped 34.99 points, or 0.1%, falling for its third consecutive session. The S&P 500 slid 0.61%, while the Nasdaq Composite dropped 1%.
Nine of the 11 major S&P sectors finished lower, led to the downside by communication services. The utilities sector was the best-performing area, gaining 0.87%.
“I think the market is in a reassessment mode, and that’s why you see markets pull back a little bit, certainly post the jobs report, and we’re seeing a little bit more today” said Sinead Colton Grant, global head of investor solutions at BNY Mellon Wealth Management.
A speech from Powell before the Economic Club of Washington on Tuesday remains top of mind for investors. Markets interpreted a slew of his disinflation comments during last week’s post-meeting press conference as dovish and stocks rallied.
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