LIVE MARKETS-US stocks slip, yields claw higher, as Powell hits Capital Hill
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U.S. STOCKS SLIP, YIELDS CLAW HIGHER, AS POWELL HITS CAPITAL HILL
The main U.S. stocks indexes are slightly red early on Tuesday after Federal Reserve Chair Jerome Powell said the central bank is not in a rush to cut interest rates given an economy that is "strong overall" and inflation that remains above its 2% target.
Powell is delivering semiannual remarks on monetary policy and the economy in front of the Senate Banking Committee on Tuesday followed by the House Financial Services Committtee on Wednesday.
According to the CME's FedWatch Tool, the market is showing a very slight bias for the Fed's target rate to be in the 4.00%-4.25% area in July vs the current target rate of 4.25%-4.50%. Rates are then expected to flat line into year-end.
A majority of S&P 500 index .SPX sectors are lower with utilities .SPLRCU taking the biggest hit, while materials .SPLRCM are posting the biggest rise. That said, trading appears relatively subdued, with no one sector posting an absolute change of more than 0.8%.
Under the surface, regional banks .KRX are among gainers, while gold stocks .HUI are on the losing side, down around 1%.
Meanwhile, the U.S. 10-Year Treasury yield US10YT=RR is pushing up around four basis points to the 4.54% area. With this, the yield is attempting to rise for a fourth-straight day.
Here is a snapshot of where markets stood around 1030 EST:
(Terence Gabriel)
FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
NFIB: THE TRUMP HONEYMOON'S OVER ALREADY? - CLICK HERE
S&P 500 INDEX: DON'T GET CHOPPED BY THE CHOP - CLICK HERE
WHAT MIGHT RECIPROCAL TARIFFS LOOK LIKE? - CLICK HERE
GAS BOOST: UKRAINE CEASEFIRE COULD CHARGE CHEMICALS - CLICK HERE
WORN-OUT INVESTORS DON'T KNOW WHAT TO DO - CLICK HERE
NEW HIGHS FOR DAX AND FTSE, LUXURY UP - CLICK HERE
BEFORE THE BELL: EUROPE STEADY AT PEAKS, UNICREDIT BEATS - CLICK HERE
OF TRADE WARS AND (EV) PRICE WARS - CLICK HERE
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