Dow Jones futures were slightly lower in extended trade ahead of Federal Reserve Chairman Jerome Powell’s speech Tuesday. The Dow Jones Industrial Average rallied as many as 305 points Monday before reversing lower.
Powell Speech, Inflation Data, Earnings
Fed chief Powell will speak at the Sveriges Riksbank International Symposium on Central Bank Independence in Stockholm, Sweden. His speech is scheduled to start at 9 a.m. ET. Powell’s speech comes on the heels of Friday’s jobs report that saw wage growth cooling much more than expected and workers clocking fewer hours for a second straight month. The data should allow the Fed to further slow its pace of interest-rate hikes.
Consumer inflation data is due out Thursday morning. The CPI is expected to come in unchanged for the month of December and 6.6% higher year over year, per Econoday estimates. According to the CME’s FedWatch tool, traders place a 77% chance of a 25-basis-point rate hike at the next Fed policy meeting in late January/early February.
The 10-year Treasury yield ticked lower to 3.51% Monday, falling for a second straight session.
Jefferies (JEF) reported earnings that met estimates, and sales that topped forecasts. Jefferies shares lost more than 3% in extended trade.
Other companies reporting later this week include KB Home (KBH), Taiwan Semiconductor Manufacturing (TSM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC). Dow Jones stocks JPMorgan Chase (JPM) and UnitedHealth Group (UNH) will also report this week.
Stock Market Today
On Monday, the Dow Jones Industrial Average fell 0.3%, and the S&P 500 lost 0.1%. The tech-heavy Nasdaq composite rallied 0.6%. Among exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) moved up 0.65% and the SPDR S&P 500 (SPY) inched lower.
Electric-vehicle giant Tesla (TSLA) traded up 5.9% Monday. Among Dow Jones stocks, Apple (AAPL) gained 0.4% and Microsoft (MSFT) rose 1% in today’s stock market.
Deere (DE), IBD Leaderboard stock ELF Beauty (ELF), Rio Tinto (RIO) and IBD SwingTrader stock Super Micro Computer (SMCI) —…