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Wednesday, March 3, 2021

Stock Futures Continue Downward Slide Ahead of Powell Testimony

Market futures continue their downward trend from Monday as investors await testimony from Federal Reserve Chairman Jerome Powell on indicators and economic status moving into 2021.

The Dow was up slightly by 17 points to 31,483 (+0.1%). The S&P 500 and Nasdaq-100 futures both fell by 14.85 down to 3,858.75 (-0.4%) and 187.75 down to 13,038.50 (-1.4%) respectively.

Chairman Powell will deliver his testimony to Congress at 10 a.m. today, with investors expecting him to comment on rising yields from the Treasury. Analysts at Swissquote said Powell’s commentary will “make or break the day”, with investors waiting to hear his remarks before making any serious commitments.

Investors are also watching Bitcoin and Tesla this morning, with Bitcoin seeing a 10% deficit at the time of writing and Tesla holding at a 8.5% loss.

Foreign markets remained neutral and monitor small losses with a few gains here and there. The Stoxx 600 Europe is down 2.96 to 410.10 (-0.72%), with the London FTSE 100 Index down 8.86 to 6,603.63 (-0.12%). The Shanghai Composite Index (SHCOMP) closed slightly down at 3,636.36 (-0.17%) with Hong Kong’s Hang Sang Index (HSI) marking decent gains before close, up 312.81 points to 30,632.64 (+1.03%). Japan’s Nikkei was also up, seeing a 138 point gain to 30,156.03 (+0.46%).

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