Federal Reserve Chairman Powell says there is no Trump pressure to lower interest rates
President Donald Trump has pressured the Federal Reserve to lower interest rates, and Jerome Powell is still saying no.
US stock futures have largely remained unchanged, with the wide S&P 500 within impressive distances from record highs.
At about 7:08am ET, futures linked to the S&P 500 increased 0.02% (1.25 points) to 6,147.50, while Blue Chip Dow Futures soaked 0.08% (35 points) to 43,389.00. And the high-tech Nasdaq futures scored 0.15% or 33.75 points to 22,446.50. The benchmark’s 10-year financial yield remained flat at 4.293%.
The oil slides have ended and the price rose 0.99% at $65.01 per barrel. Oil prices fell for the second day in a row as Middle Eastern oil supply appeared to remain unchanged.
Stocks progressed daily after Israel and Iran agreed to a ceasefire. Fragile – Both sides accused each other of breaking the agreement within hours of its effectiveness, but investors seem to believe it will be held, or at least help to keep the conflict down and keep the global oil supply intact. As a result, oil prices have slipped for the second day in a row.
Once tensions in the Middle East are eased, investors will turn their attention to the second day of Federal Reserve Chairman Germaum Powell’s Congressional testimony. In his first appearance, he stayed in the script and repeated his “waiting” approach to cut back. He said the economy is now stable enough to see how tariffs affect inflation before deciding on any fee cuts.
Corporate News
- FedEx results exceeded analyst estimates over the past three months of the fiscal year, but the current quarterly outlook was weaker than expected. Stocks fell 5.82% in pre-market trading.
- Worthington Enterprises’ fourth quarter results are better than forecasts. Stocks rose 11.39% over the opening bell.
- Tesla sold just 13,863 vehicles in Europe last month, down 28% from the previous year. It is the worst major manufacturer in Europe, according to sales data from the ACEA Regional Automobile Manufacturers Association. Elevated vehicle manufacturers’ stocks have risen slightly in pre-market activity.
- Aerovironment results beat Foreacsts in the last three months of the fiscal year, but annual revenue guidance was below expectations. Stocks rose a little before the opening.
- QuantumScape has announced a breakthrough in the process for creating solid batteries. The stock spiked Pribel at 34.87%.
- BlackBerry raised its annual sales guidance after reporting quarterly results that exceeded expectations. Stocks rose 9.24% in pre-market trading.
Cryptocurrency
The New York Stock Exchange has applied for a rule change to allow it to list true social bitcoin and Ethereum ETFs.
Bitcoin last rose 0.85% at $106,942.90.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
