Stock futures are flat Tuesday night following a selloff fueled by Powell’s comments: Live updates
Publishing timestamp: 2023-03-07 19:12:12
Summary
U.S. stock futures were flat after a selloff spurred by Federal Reserve Chairman Jerome Powell's comments indicating interest rates may need to go higher for longer. The decline in stocks was accompanied by a spike in bond yields, with the rate on the 2-year Treasury surpassing 5% and touching its highest level since 2007. Investors are closely watching Powell's upcoming speeches and jobs reports to see if the economy is continuing to heat up. DoubleLine Capital CEO Jeffrey Gundlach predicts that the Fed will raise interest rates by half a percentage point at its next policy meeting. Despite Powell's comments, Morgan Stanley's global chief economist Seth Carpenter believes there is still a path to a soft landing. The Nasdaq Composite and small-cap indices held up better than the largest stocks during the selloff.
Sentiment: MIXED
Keywords: business news, markets, united states, jerome powell, dow jones industrial average, s&p 500 index, nasdaq composite, breaking news: markets,
Source: https://www.cnbc.com/2023/03/07/stock-market-today-live-updates.html