Powell to testify, Bitcoin volatility - what's moving markets
Investing.com -- U.S. stock futures inch higher as markets gear up for Fed Chair Jerome Powell's much-anticipated testimony to lawmakers on Capitol Hill. Bitcoin pares back losses after the world's most popular cryptocurrency touches a new all-time high. A rematch of the 2020 U.S. presidential election seems ever more likely after President Joe Biden and Donald Trump secure major victories in Super Tuesday primary voting.
1. Futures inch higher
U.S. stock futures were subdued on Wednesday, as investors awaited the first of two days of key testimony from Federal Reserve Chair Jerome Powell and a fresh batch of economic data.
By 03:25 ET (08:25 GMT), S&P 500 futures had inched higher by 12 points or 0.2%, Nasdaq 100 futures had gained 90 points or 0.5%, and Dow futures had added 51 points or 0.1%.
The main averages closed in the red on Tuesday, dragged down by a drop in Apple shares (NASDAQ:AAPL) after a research report found that sales of the tech giant's flagship iPhone device plunged by 24% in the first six weeks of 2024. Chip stocks were also under pressure following a Bloomberg News report that U.S. officials had placed a hurdle in front of Advanced Micro Devices's (NASDAQ:AMD) plans to sell a processor designed for the Chinese market.
Strategists also argued that there was some profit-taking in the wake of a recent rally on Wall Street. At the closing bell, the benchmark S&P 500 had shed 1.0%, the tech-heavy Nasdaq Composite had lost 1.7%, and the blue-chip Dow Jones Industrial Average had dipped by 1.0%.
2. Fed's Powell to testify
Jerome Powell is widely expected to maintain a hawkish tilt during what will likely be closely-watched testimony to lawmakers on Wednesday and Thursday.
The Fed Chair's grilling on
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