Stocks hover below record highs ahead of Powell testimony on Fed's pandemic response
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U.S. equity markets hovered just below record highs as investors awaited Capitol Hill testimony from Federal Reserve Chairman Jerome Powell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33975.2 | +98.23 | +0.29% |
| SP500 | S&P 500 | 4241.05 | +16.26 | +0.38% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14187.764106 | +46.28 | +0.33% |
The Dow Jones Industrial Average rose 14 points, or 0.04%, while the S&P 500 and the Nasdaq Composite climbed 0.05% and 0.01%, respectively.
The quiet morning comes a day after the major averages posted their biggest gains in at least a month, buoyed by comments from New York Fed President John Williams, who said the U.S. economy isn’t strong enough for the central bank to shift policy.
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The Fed will remain in focus Tuesday as Powell will testify on lessons learned from the central bank’s response to the coronavirus pandemic.
Ahead of Powell’s testimony, the benchmark 10-year yield held at 1.48% and was near its lowest level since the beginning of March.
In stocks, mega-cap technology companies, including Apple Inc. and Amazon Inc., were firm as bond yields remained in check.
Elsewhere, GameStop Corp. shares surged after the company said it raised $1.13 billion through the sale of 5 million shares. The company plans to use the proceeds for general purposes and to invest in growth initiatives.
Crypto-linked companies, like Riot Blockchain Inc. and MicroStrategy Inc., were under pressure as bitcoin slumped below $30,000 a coin and was on track to close at its lowest level this year.
In earnings, Plug Power Inc. reported a wider-than-expected quarterly loss as revenue topped estimates. The company said it expects hydrogen prices to decline meaningfully during the second half of the year.
In commodities, West Texas Intermediate crude oil lost 28 cents to $73.38 a barrel and gold declined $8.30 to $1,774.60 an ounce.
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Overseas trading was choppy.
In Europe, Britain’s FTSE 100 advanced 0.26%, while France’s CAC 40 and Germany’s DAX 30 fell 0.08% and 0.13%, respectively.
Japan’s Nikkei 225 outperformed in Asia, climbing 3.12%, as China’s Shanghai Composite rose 0.8% and Hong Kong’s Hang Seng index slid 0.63%.
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