Major indices are pointed lower ahead of the opening bell Wednesday. Investors will be watching as Federal Reserve Chairman Jerome Powell faces a second round of questioning from congressional leaders beginning at 10:00 a.m. ET. During Tuesday’s testimony, Powell said that “crosscurrents and conflicting signals” lead to the more patient approach regarding additional interest rate hikes, and the central bank is in no rush to make judgement about policy changes. Powell said that financial conditions are less favorable for global growth than they were last year, with economic growth slowing in places like China and Europe. President Trump will meet again with North Korean leader Kim Jong Un Wednesday evening in Hanoi regarding North Korea’s nuclear program. Investors will also be watching as Michael Cohen is expected to testify before the House Oversight and Reform Committee, possibly accusing Trump of wrongdoing. The S&P 500 is down -0.23%, the Dow Jones is down -0.25%, the Nasdaq is down -0.28%.
Today's Market Outlook
Quote of the Day
Power does not corrupt. Fear corrupts... perhaps the fear of a loss of power.
Stocks on the Move
Best Buy Co Inc (BBY), Campbell Soup Company (CPB) and Lowe's Companies, Inc. (LOW) are moving higher this morning, while Mylan NV (MYL), Fifth Third Bancorp (FITB) and EOG Resources Inc (EOG) are headed lower. Philip Morris International Inc. (PM), W. R. Berkley Corp (WRB) and Cincinnati Financial Corporation (CINF) were upgraded by analysts this morning, while Mylan NV (MYL), Home Depot Inc (HD) and Rent-A-Center Inc (RCII) were downgraded.
Stocks in Asia are mixed. The Nikkei 225 is up 0.5%, the Shanghai SE Composite Index is up 0.42%, the Australia ASX All Ordinaries is up 0.4% the Hang Seng is down -0.05% and the Mumbai Sensex is down -0.66%. Stocks in Europe are down. The FTSE 100 is down -0.76%, the DAX is down -0.45%, the Euro Stoxx 50 is down -0.26% and the CAC 40 is down -0.18%.
Futures & Currencies
Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 1.33 at 56.83 per barrel. Brent crude is up 1.01 at 66.22 per barrel. Natural Gas is down -0.04 at 2.76. Precious metals are mixed this morning. Gold is down -1.36 at 1327.6 per ounce. Platinum is up 9.3 at 870.8 while silver is flat 0 at 15.93. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, up against the Yen and down against the Pound.
Yesterday, 953,320 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 571,734 put contracts. The single-session put/call was 0.60 while the 20-day moving average is now at 0.6.
Today's Economic Calendar
|No.||What's Happening?||Period||Release Time|
|1||MBA Mortgage Applications Index||02/23||07:00|
|2||Adv. Intl. Trade in Goods||Jan||08:30|
|3||Adv. Retail Inventories||Jan||08:30|
|4||Adv. Wholesale Inventories||Jan||08:30|
|6||Pending Home Sales||Jan||10:00|
|7||EIA Crude Oil Inventories||02/23||10:30|