Stock Market Takes Profits Before Jerome Powell Testimony
U.S. stock futures fall as investors brace for comments from Fed Chairman Powell
What’s driving the stock market?
Investors appear less willing to hold stocks and other perceived riskier assets as they wait for two-day testimony before Congress by Fed Chairman Jerome Powell due to start Wednesday.
Markets are hoping the central bank’s chief will shed some light on a meeting due later this month, with investors clinging to hopes for a rate cut.
marketwatch.com/fed-chairman-powell-testimony
Powell Heads to Congress With Fed Cut in Play: Testimony Preview
The Fed chairman, who has been hectored for months by President Donald Trump for not cutting rates, will probably repeat language from the Federal Open Market Committee’s June statement that it will “act as appropriate’’ to sustain the economic expansion — reinforcing bets the central bank will cut at its July 30-31 meeting.
Powell gives his semiannual monetary policy testimony at 10 a.m. Wednesday before the House Financial Services committee and a day later to the Senate banking panel.
bloomberg.com/powell-testimony-preview
If the S&P 500 hits this level, it could signal a market top
Stocks’ record run has hit a wall over the Independence Day holiday stretch. The S&P 500 and Dow retreated for a second trading day in a row Monday after a massive advance in June.
The markets could still have more room to run before hitting their next level of resistance, said Mark Newton, technical analyst at Newton Advisors.
cnbc.com/sp-500-stock-market-top
Is Apple Stock A Buy Right Now? Here's What Earnings, Chart Say
Slowing iPhone demand is a notable headwind for Apple stock, and so is the ongoing trade war between the U.S. and China.
Rosenblatt Securities downgraded Apple stock to sell from neutral on July 8, saying the tech giant “will face fundamental deterioration over the next 6 to 12 months” amid “disappointing” iPhone sales.
investors.com/apple-stock-buy-now/
It's just as important to not lose money as it is to try to earn it.
The current stock market price action shows profit-taking and indecision. A very tough combination to extract a positive P&L. Light volume and lack of volatility will drain your account faster than a Trump tweet.
From a tape reading perspective the light volume pause indicates one more push higher. Unless Powell surprises everyone.
Trade when you have an edge this week, not simply because the markets are open. Save your capital for better situations.
Pete
