Pre-Market Report – Wednesday 17 April: US Markets Hold Despite Powell’s Comments
Wall Street closed mixed overnight in choppy trading as the market weighed the latest round of quarterly reports and Powell's comments which drove bond yields to fresh 2024 highs. The Dow gained 64 points (+0.14%), getting a boost from UnitedHealth’s +5.2% better-than-expected Q1 results. Up 257 points at best, down 21 points at worst. The S&P 500 lost 0.21%, falling for a third consecutive session, and the NASDAQ slipped 0.12%. The S&P 500 and NASDAQ are now ~4% off record their record highs reached last month. Powell said recent inflation data has not given policymakers enough confidence to ease rates soon, noting that the Fed may need to keep rates higher for longer than previously expected. 2Y treasury yields briefly hit 5%, and the USD Index rose for a fifth consecutive session, hitting its highest level since November 1st.
ASX to fall. SPI Futures down 23 points (-0.30%).
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