S&P and NASDAQ indices open higher but NASDAQ games are more limited vs premarket levels
The broader S&P and NASDAQ indices are pushing to the upside but with less gains then premarket levels. The S&P is currently up 22 points or 0.30% while the NASDAQ is up 154 points or 0.61%. Premarket levels implied by the futures showed the NASDAQ index up over 300 points while the S&P index is up over 30 points.
The Dow industrial average is lagging but now in positive territory help by Goldman Sachs and J.P. Morgan shares after their earnings. IBM is a drag however. The Dow industrial average is up 40 points or 0.07%.
J.P. Morgan is up 0.78% after it beat. Goldman Sachs is also higher by 4.61%. Bank of America is higher by 1.26% but Wells Fargo is lower by -1.81%. All reported earnings this morning.
Fed’s Warsh will begin his testimony at 10 AM ET. Ahead of his first appearance before the House Financial Services Committee as Federal Reserve Chair, Kevin Warsh struck a firm anti-inflation tone while offering few clues about the Fed’s next policy move. In prepared remarks, he reiterated that the Federal Reserve has “no tolerance for persistently elevated inflation" and pledged to make the inflation surge of the past several years “a thing of the past." At the same time, Warsh emphasized that the labor market remains broadly stable, with low unemployment, modest job growth, limited layoffs, and solid wage gains, allowing the Fed to remain focused primarily on restoring price stability. Consistent with his recent communication strategy, Warsh avoided providing forward guidance on interest rates, instead stressing that future policy decisions will remain data dependent. His testimony comes just hours after today’s softer-than-expected June CPI report, which eases immediate pressure for another rate hike but is unlikely, by itself, to alter the Fed’s inflation-focused stance.
This article was written by Greg Michalowski at investinglive.com.