U.S. stock index futures were lower on Tuesday morning, as traders waited to hear from Federal Reserve Chairman Jerome Powell.
Around 6:20 a.m. ET, Dow futures indicated a negative open of more than 120 points. Futures on the S&P and Nasdaq were also lower.
Wall Street closed lower on Monday on the back of negative sentiment in the tech sector. The big focus, however, is on the Federal Reserve. Markets are waiting to hear Jerome Powell's testimony on Wednesday. This comes just after a stronger-than-expected jobs report raised questions about the central bank's rate policy. Powell also gives a speech at 8:45 a.m. ET on bank stress tests on Tuesday.
Traders had priced in a 100% probability of a Fed rate cut in July, according to the CME Group's FedWatch tool. Expectations for a more aggressive cut were tempered, however, following the stronger-than-expected monthly jobs data released on Friday.
Furthermore, a new National Federation of Independent Business survey, released at 6 a.m. ET, showed small business confidence slipping in June. A new job openings and labor turnover, or JOLTs, report will be released at 10 a.m.
In the corporate world, PepsiCo and Levi Strauss will update investors on their latest performance.
https://www.cnbc.com/2019/07/09/stock-market-fed-jay-powell-to-give-testimony.html
2019-07-09 07:08:04Z
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