The Dow Jones Industrial Average will stay flat today as investors await congressional testimony from U.S. Federal Reserve Chair Jerome Powell. He’ll address interest rate cuts and monetary policy over the next two days.
More on this below. Plus: U.S. and China officials are in talks once again.
Here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Index Previous Close Point Change Percentage Change Dow Jones 26,783.49 -22.65 -0.08 S&P 500 2,979.63 +3.68 +0.12 Nasdaq 8,141.73 +43.35 +0.54
Now, here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.
The Top Stock Market Stories for Wednesday Market watchers expect a 100% likelihood of interest rate cuts during the Fed’s meeting at the end of July. However, investors will look for confirmation from Fed Chair Jerome Powell, who will kick off two days of testimony before Congress. Powell will speak on the state of the U.S. economy and what investors can expect moving forward. The Fed Chair will appear before the House Financial Services Committee on Wednesday morning and before the Senate Banking Committee on Thursday.
On the trade front, U.S. and China officials are attempting to restore trade relations and avoid future tariffs. U.S. Treasury Secretary Steven Mnuchin said that he and U.S. Trade Representative Robert Lighthizer spoke to Chinese Vice Premier Liu yesterday. China is looking for the United States to remove tariffs on $250 billion of its exports, while the U.S. aims to reduce technology theft, balance a massive trade deficit, and for China to increase its farm purchases. Oil prices ticked higher thanks to a larger-than-expected decline in U.S. inventory levels. The American Petroleum Institute announced that the United States saw its fourth weekly drop in crude stocks. The group said that inventories declined