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Stock futures inch higher after Powell says bigger hikes possible


Traders in New York City work at the New York Stock Exchange (NYSE), March 21-22, 2022.

Brendan McDermid | Reuters

Overnight trading saw stock futures rise after Federal Reserve Chair Jerome Powell stated that the central bank was “in control”. open to higher rate hikes to combat rising inflation.

Futures on Dow Jones Industrial Average rose forty points. S&P 500 futures rose 0.08% and Nasdaq 100 futures rose 0.11%.

Nike shares rose by 6% Monday in extended trading following the announcement retailer reported a beat on the top and bottom linesIn the third quarter, buoyed in part by high demand from North America.

The Monday trading session was volatilePowell had vowed that he would take “necessary steps”The agency increased rates by just one week to reduce inflation, the same day it raised them for the first-time since 2018. Powell said “inflation is much too high” and added that rates could increase more than the previously approved 25 basis points if needed.

Monday is regular trading day. Dow Jones Industrial AverageThe loss of 201.94 points (0.6%) ended a five-day winning streak. The Meanwhile, S&P 500After a session that saw the average increase of 0.4%, the final result was marginally lower. Nasdaq CompositeFollowing a session-low of 1.5%, the number fell to 13.838.46.

Yardeni Research chief investment strategist and president Ed Yardeni stated that it was encouraging to see the market rebound in the closing hour.

I think that the market is always looking for potential opportunities. The opportunities remain in energy and commodities. He said that he believes the market will find new opportunities in financials, as higher interest rates and technological advances make technology seem ridiculously affordable to them.

In the meantime, oil prices rose once more Monday due to news about the European Union is weighing a ban on Russian oil. West Texas Intermediate And Brent crude both rose about 7%, settling at $112.12 and $115.62 a barrel. In the midst of this rally, energy stocks such as Occidental PetroleumAnd Marathon OilBoth rose by 8 percent.

On Monday, investors continued to monitor the situation in Eastern Europe after ongoing peace negotiations between Russia and Ukraine failed. Ukraine refused to surrender the port city of MariupolRussian forces. Market monitors are monitoring as well. omicron subvariant as it spreads across EuropeTogether with one of its most severe Covid-19 outbreaks in ChinaSeit 2020.

BuzzfeedThe bell will ring on Tuesday for earnings reporting. PoshmarkAnd AdobeAfter the bell.