Stock Futures Tiptoe Higher Before Powell Testimony

Powell will speak in front of congress at 10am

Deputy Editor
Mar 7, 2023 at 9:14 AM
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Stock futures are inching higher, following yesterday's muted session, with all eyes on the upcoming two-day testimony from Fed Chair Jerome Powell, which will begin at 10am. Futures on the Dow Jones Industrial Average (DJIA) are up 19 points at last glance, as several big name earnings reports and analyst updates create additional buzz for investors. 

Continue reading for more on today's market, including:.

  • Assessing the SPX's outlook with Schaeffer's Senior V.P. of Research Todd Salamone. 
  • 2 Biotech stocks swung in opposite directions following updates. 
  • Plus, why RIVN is sinking; MLYS receives coverage; and why DKS is enjoying a post-earnings pop. 

Futures Mar7

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 681,614 put contracts traded on Monday. The single-session equity put/call ratio rose to 0.67 and the 21-day moving average fell to 0.78.
  2. The shares of Rivian Automotive Inc (NASDAQ:RIVN) are down 5.7% premarket, after the company announced plans to sell $1.3 billion worth of bonds. On the charts, the $16 level lingers as recent support. Year-over-year, the equity is down 63.9%. 
  3. Newly public Mineralys Therapeutics Inc (NASDAQ:MLYS) is up 3.4% in electronic trading, after no fewer than four analysts initiated coverage with positive ratings, including Credit Suisse with an "outperform." The equity is up 6% in the last month. 
  4. Dick's Sporting Goods Inc (NYSE:DKS) is in the spotlight before the open, after the retailer's upbeat fourth-quarter results and full-year forecast. Plus, the company's comparable store sales jumped 5.3%, more than doubling analyst estimates of 2.1%. DKS is up 6% ahead of the bell. 
  5. Consumer credit data is on tap today.


Overseas Markets Await Fed Comments

Asian markets were mixed on Tuesday, as investors eyed today’s congressional testimony from Fed Chair Jerome Powell. They also unpacked China’s smaller-than-expected drop in exports for February, while imports fell more than anticipated. In response, China’s Shanghai Composite and Hong Kong’s Hang Seng shed 1.1% and 0.3%, respectively. Meanwhile, Japan’s Nikkei added 0.3%, while the South Korean Kospi was flat.

European markets were last seen treading water, with Powell’s testimony in focus as well. Plus, both the British pound and euro are losing strength against the U.S. dollar. At last check, France’s CAC 40 and the German DAX are slightly above breakeven with respective 0.05% and 0.07% gains, while London’s FTSE 100 is 0.3% higher.


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