Dow Jones futures were little changed ahead of Tuesday’s open after the Dow Jones Industrial Average cut gains to just 40 points Monday. Federal Reserve Chair Jerome Powell’s testimony is due on Tuesday. Apple (AAPL) stock jumped on an analyst buy rating, while Tesla (TSLA) shares skidded after the company’s additional round of price cuts.
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Powell Testimony
Fed chief Powell is set to begin two days of congressional testimony Tuesday, where he’ll have the chance to explain the central bank’s planned response to a more resilient economy. Last month, the Fed raised rates by a quarter-percentage-point, and investors will be looking clues for the amount of the hike at this month’s March 21-22 meeting.
Currently, traders place a 69% chance of a quarter-percentage-point rate hike at the next meeting, according to the CME’s FedWatch Tool.
Then, Friday will feature the Labor Department’s February employment report. Nonfarm payrolls are expected to come in at 215,000 in February, down from January’s 517,000 growth, per Econoday estimates.
Guidewire (GWRE) reported mixed fiscal-Q2 results late Monday. Shares climbed around 1% in extended trade. The stock is building a bottoming base with a 78.76 buy point.
More key earnings report this week include BJ’s Wholesale (BJ), CrowdStrike (CRWD), Dick’s Sporting Goods (DKS), JD.com (JD), MongoDB (MDB), Thor Industries (THO) and Ulta Beauty (ULTA).
Stock Market Today
On Monday, the Dow Jones Industrial Average and S&P 500 both gained 0.1% apiece. The tech-heavy Nasdaq composite reversed down 0.1% after giving up solid gains.
Electric-vehicle giant Tesla traded down 2% Monday. Among Dow Jones stocks, Apple rose 1.85% and Microsoft (MSFT) climbed 0.6% in today’s stock market action.
IBD Leaderboard stock Alteryx (AYX), Arista Networks (ANET), Palo Alto Networks (PANW) and Salesforce (CRM) — as well as Dow Jones stocks American Express (AXP) and JPMorgan Chase (JPM) — are among the top stocks to buy and watch, amid the recent stock market strength.
Alteryx is an IBD Leaderboard stock. And Salesforce was featured in…
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