Jerome Powell, the Chair of the Federal Reserve, is set to address Congress with remarks highly anticipated by investors for hints on future interest rate directions.
Asian markets largely finished lower, whereas European stocks showed overall gains. Early indicators from the U.S. Futures Index suggest a positive opening for Wall Street. As of 8:00 AM ET, Dow futures had risen by 27 points, S&P 500 futures increased by 11 points, and Nasdaq 100 futures climbed by 64.75 points.
On Monday, the major U.S. stock averages ended mixed. The Dow Jones Industrial Average dipped by 31.08 points, or 0.08%, to 39,344.79. The S&P 500 rose by 5.66 points, or 0.1%, to 5,572.85, while the Nasdaq Composite advanced 50.98 points, or 0.28%, to 18,403.74.
On the economic front, Powell will deliver semi-annual monetary policy testimony before the Senate Banking Committee at 10:00 AM ET.
Additional activities include:
- A three-year Treasury Note auction at 1:00 PM ET.
- A 52-week Treasury bill auction at 11:30 AM ET.
- A speech by Fed Vice Chair for Supervision Michael Barr at the 'Financial Inclusion Practices and Innovations' conference hosted by the Federal Reserve Board at 9:15 AM ET.
- Introductory remarks by Fed Governor Michelle Bowman at the same conference at 1:30 PM ET.
In Asia, stocks generally rose on Tuesday. Chinese markets recorded substantial gains, with the benchmark Shanghai Composite Index rising by 1.26% to 2,959.37. Hong Kong's Hang Seng Index closed slightly lower at 17,523.23. Japanese markets led regional growth, with the Nikkei average surging 1.96% to a record high of 41,580.17, and the broader Topix index gaining 0.97% to settle at 2,895.55. Australian stocks also ended significantly higher, with the benchmark S&P/ASX 200 up by 0.86% to 7,829.70 and the broader All Ordinaries index increasing by 0.79% to 8,075.20.
In Europe, markets are trending mostly positive. France's CAC 40 is down by 64.92 points, or 0.85%. Germany's DAX is decreasing by 82.77 points, or 0.45%. The FTSE 100 in England is sliding by 21.65 points, or 0.26%. However, the Swiss Market Index is up by 77.64 points, or 0.64%.
The Euro Stoxx 50, which represents the leading blue-chip companies in the Eurozone, is down by 0.57%.
