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Oleksandr Pylypenko

S&P Futures Tick Higher Ahead of Powell Testimony

Jerome Powell US Federal Reserve United States China Xi Jinping United Kingdom Barchart Morgan Stanley Tesla Inc.

September S&P 500 futures (ESU23) are trending up +0.07% this morning after three major U.S. benchmark indices finished the regular session lower as market participants weighed China’s outlook while bracing for Federal Reserve Chairman Jerome Powell’s congressional testimony.

In Tuesday’s trading session, energy stocks were the biggest drag on the market as the price of WTI crude dropped over -1% on a cloudy demand outlook. A number of U.S.-listed Chinese consumer stocks also lost ground, with JD.com (JD) and PDD Holdings (PDD) plunging more than -6%. In addition, Nike Inc (NKE) fell over -3% after Morgan Stanley said the inventory glut could weigh on the company’s margins in Q4. On the bullish side, Tesla Inc (TSLA) climbed more than +5% and was among the top percentage gainers on the tech-heavy Nasdaq 100 after Rivian announced that it had agreed to adopt Tesla’s charging standard. Also, PayPal Holdings Inc (PYPL) rose over +3% after KKR & Co agreed to buy up to 40 billion euros worth of the company’s “buy now, pay later” loans in Europe.

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