The energy sector is off to a flat to lower start, tracking modest gains in crude. U.S. stock futures are lower as investors await Chairman Powell’s semiannual monetary policy testimony before the House Financial Services Committee beginning at 10 a.m. ET.
WTI and Brent crude oil future steadied and turned higher while the market remains cautious ahead of Chairman Powell’s testimony later today, and on the prospect, the Bank of England will be hawkish in their monetary policy decision tomorrow. Two Fed policymakers and an economist are set to join Mr. Powell with their focus expected to remain on bringing down inflation. British inflation held at 8.7% in May, defying predictions of a drop and increasing expectations the Bank of England will raise interest rates by an estimated 50 basis points on Thursday. Analysts predict a drawdown in U.S crude stocks when the API figures are released later this afternoon, with estimates predicting inventories fell by about 400K barrels in the week ending June 16.
Natural gas futures edged lower this morning on forecasts for higher inventories as a consensus for EIA weekly storage data due tomorrow has a build of +93 Bcf vs the 5-year average of +86 Bcf.
US stock futures fall early Wednesday, as investors brace for Powell's testimony. Meanwhile,...
US stock futures fall early Wednesday, as investors brace for Powell's testimony. Meanwhile, in London, traders are expecting further Bank of England interest-rate hikes after another shock inflation reading. Check out the latest market moves.
Earnings on deck: KB Home, Patterson Companies, and Winnebago Industries, all reporting.
A Canadian plane searching for the vessel detected “underwater noises,” the U.S. Coast Guard said.
The Coast Guard said that some of the remote-operated vehicles involved in the search near the Titanic...
The Coast Guard said that some of the remote-operated vehicles involved in the search near the Titanic had been relocated in an attempt to determine the origin of the sounds.
Fed chief Jerome Powell tells Congress to expect higher interest rates
Federal Reserve Chair Jerome Powell on Wednesday told Congress that, with U.S. inflation well above target,...
Federal Reserve Chair Jerome Powell on Wednesday told Congress that, with U.S. inflation well above target, more interest rates are likely this year, although he did not shed any new light on the timing of the moves. Powell was vague on the timing.
“Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year, ” Powell said, in testimony prepared for delivery to the House Financial Service Committee on Wednesday.
