US stock futures rose on Tuesday ahead of much-anticipated comments from Federal Reserve Chair Jerome Powell, who spoke for the first time since a blowout jobs report prompted traders to trim their rate forecasts closer to the one he was championing .
What’s happening Dow Jones Industrial Average Futures YM00, -0.01% up 20 points or 0.1% at 33954. S&P 500 Futures ES00, +0.12% up 8 points or 0.2% at 4132. Nasdaq 100 Futures NQ00, +0.25% up 47.75 points or 0.4% to 12563.
On Monday, the Dow Jones Industrial Average DJIA was down -0.10%, down 35 points, or 0.1% at 33891, the S&P 500 SPX -0.61%, down 25 points, or 0.61% at 4111, and the Nasdaq Composite COMP by -0.61%. 1.00% fell 120 points or 1% to 11887.
What moves the markets
Powell will be interviewed at 12:40 p.m. at the Economic Club of Washington, DC by David Rubinstein, co-chair of private equity giant The Carlyle Group
“While he has been excited about similar events in the past, Friday’s job release and interest rate futures rebalancing to expect a higher interest rate for longer may allow him to enjoy his win,” said David Stritch, currency analyst at Caxton in London .
Last week, the Labor Department reported a 517,000 increase in nonfarm payrolls and a fall in the unemployment rate to 3.4%. Rate futures implied a final Fed rate of 5.157%, which was the first new high since early November, according to Deutsche Bank.
Atlanta Fed President Raphael Bostic told Bloomberg that the job report means rates may need to rise more than he previously forecast.
Alongside Powell’s speech, there is also data on trade and consumer credit and a speech by Vice Chairman for Oversight Michael Barr.
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