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After Powell’s speech, Wall Street rebounds but investment caution remains

After Powell’s speech, Wall Street rebounds but investment caution remains
After Powell’s speech, Wall Street rebounds but investment caution remains

Wall Street operates unevenly this Tuesday, March 8, awaiting a second day of statement by the president of the Federal Reserve (Fed) before the Senate and a new report on employment.

Wall Street operates unevenly this Tuesday, March 8, awaiting a second day of declaration of the President of the Federal Reserve (Fed) before the Senate and a new employment report.

The S&P500 is up 0.3% at 4,000.30 points, followed by the Nasdaq Composite at 0.2% to 11,562.18 points. Meanwhile, it falls back -0.02% to 32,849.21 points.

On Tuesday, Powell told U.S. lawmakers that the Federal Reserve would likely have to raise interest rates more than anticipated.as it tries to rein in inflation, sending major US stock indices tumbling by more than 1%, with the benchmark S&P 500 index posting its biggest percentage drop in two weeks.

Traders sharply increased their bets that the US central bank will raise rates by 50 basis points later this month and money market futures estimate the probability of such a move at nearly 70%. Powell will testify before the House Committee on Financial Services at 1500 GMT.

A closely watched part of the US Treasury yield curve saw its deepest reversal in more than 40 years on Tuesday. This reversal is considered a reliable indicator of recession.

Data from the Labor Department showed that US job openings rose to 10.8 million in January, after an unexpected rise to 11.2 million in the previous month.

Tesla Inc shares fell 2.6% after the US auto safety regulator said it was opening a preliminary investigation into 120,000 2023 Model Y vehicles following reports of steering wheels falling off while driving.

Source: Ambito

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