The S&P 500 Index ($SPX) (SPY) this morning is down -0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.24%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.05%.
Stock indexes this morning are moderately lower as they consolidate last Friday’s gains when the S&P 500 and Nasdaq 100 posted new record highs. The markets are awaiting Fed Chair Powell’s semiannual monetary policy testimony to a House committee on Wednesday and a Senate panel on Thursday for clues to the path of Fed policy. Powell is expected to maintain his hawkish stance and signal the Fed is in no hurry to cut interest rates. Also, Friday’s monthly U.S. payroll report will garner attention as it shows the labor market's strength and if wage pressures are contained.
