Stock-index futures erased early losses to turn higher Wednesday after prepared testimony by Federal Reserve Chairman Jerome Powell emphasized uncertainty about the global economic outlook, reinforcing market expectations for a rate cut when policy makers meet at the end of the month. Futures on the Dow Jones Industrial Average YMU19, +0.32% rose 44 points, or 0.2%, to 26,823, while S&P 500 futures SPX, +0.45% advanced 6.9 points, or 0.2%, to 2,989. Nasdaq-100 futures NQU19, +0.18% gained 40.25 points, or 0.5%, to 7,885.50. Major stock indexes have traded in a narrow range this week in anticipation of Powell’s testimony before lawmakers Tuesday and Wednesday. The Fed chief will appear before the House Financial Services Committee at 10 a.m. Eastern. In the prepared remarks, Powell said that since the Fed’s June meeting, “it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.” Major stock indexes, including the Dow DJIA, +0.29% S&P 500 SPX, +0.45% and Nasdaq Composite COMP, +0.75% remain less than 1% away from all-time closing highs set last week.
See Full Story Nasdaq settles at fresh record after dovish testimony by Fed Chairman Powell
S&P briefly pushes through 3,000 level Wednesday, after the release of testimony by Federal Reserve Chairman Jerome Powell, before Congress