U.S. stocks opened lower on Tuesday as investors awaited comments from Federal Reserve Chair Jerome Powell at the Economic Club of Washington. After last Friday’s jobs report was much better than expected, markets are looking for clues about future interest rates.[0] The Dow Jones Industrial Average dropped 35 points, or 0.10%, the Nasdaq decreased by 1%, and the S&P 500 declined by 0.62%.[1]
The 10-year U.S. Treasury yield rose 10 basis points to 3.64%.[2] The 2-year yield rose 16 basis points to 4.46%.
The Federal Reserve’s Chairman, Jerome Powell, is engaging in an inquiry and response discussion at the Economic Club of Washington, D.C., and his answers will be intensely inspected to discover indications of where the Fed expects interest rates to move next.[1] Additionally, investors will be watching for remarks on Tuesday from Fed Chairman Jerome Powell, who will speak at the Economic Club of Washington.[3]
Among active stocks, Chegg (CHGG) slumped on dour outlook, while Bed Bath & Beyond Inc (NASDAQ:BBBY) shares fell 43% on Tuesday after the struggling home goods retailer announced plans to sell $1 billion in stock to raise cash.[4] In a move that is part of a wider trend amongst tech companies, Dell Technologies (DELL) has declared its intention to reduce its global workforce by 5%, amounting to a cut of 6,650 jobs.[5] The share prices decreased by 1.4% during the early part[5]
The price of[6] The price of Crude Oil WTI Futures rose 1.7%, settling at $75.41 a barrel, while Brent Oil Futures increased 1.3% to $82.02[4] Gold Futures increased by 0.2%, reaching $[6]
Notable companies reporting this week include Disney (DIS), BP (BP), PepsiCo (PEP), Uber (UBER), Chipotle Mexican Grill (CMG), and AbbVie (ABBV).[7]
It will be a busy week for the markets as investors look for clues about the path of U.S. interest rates today, with Federal Reserve Chair Jerome Powell due to speak at the Economic Club of Washington later this afternoon.
0. “Stock Market News Today: Stocks Mixed Ahead of Powell’s Speech” TipRanks, 7 Feb. 2023, https://www.tipranks.com/news/stock-market-news-today-futures-up-ahead-of-powell-speech
1. “Stock market news today: Yields jump ahead of speech from Fed’s Powell” Markets Insider, 6 Feb. 2023, https://markets.businessinsider.com/news/stocks/stock-market-news-today-dow-sp500-bond-yields-jerome-powell-2023-2
2. “Nasdaq, Dow, S&P mixed as investors brace for Powell comments post jobs report” Seeking Alpha, 7 Feb. 2023, https://seekingalpha.com/news/3932920-sp500-nasdaq-dow-jones-stock-market-fed-powell-earnings
3. “Stock Market Today: Indexes Turn Higher Ahead of Remarks By Fed’s Powell” The Wall Street Journal, 7 Feb. 2023, https://www.wsj.com/livecoverage/stock-market-news-today-02-07-2023
4. “Dow futures slip 30 pts; seeking direction ahead of Powell speech” Yahoo Finance, 7 Feb. 2023, https://finance.yahoo.com/news/dow-futures-slip-30-pts-070314534.html
5. “Stock market news live updates: Stocks start week lower as investors ponder Fed’s rate path” Yahoo News, 6 Feb. 2023, https://news.yahoo.com/stock-market-news-live-updates-february-6-2023-111713832.html
6. “U.S. stocks are falling as investors await comments from Fed’s Powell By Investing.com” Investing.com, 7 Feb. 2023, https://www.investing.com/news/stock-market-news/us-stocks-wobble-as-investors-await-comments-from-feds-powell-2997221
7. “Stock Market News Today: Indices Begin Week on a Low Note” TipRanks, 6 Feb. 2023, https://www.tipranks.com/news/stock-market-news-today-futures-down-on-solid-jobs-report-and-fed-speech-ahead