⚠️BREAKING: *WALL ST ENDS MIXED AHEAD OF POWELL TESTIMONY - $DIA $SPY $QQQ $IWM $VIX
NEW YORK - Wall Street edged higher and the greenback softened on Monday as investors weighed China growth expectations and a drop in U.S. factory orders, while looking ahead to U.S. Federal Reserve Chairman Jerome Powell's congressional testimony and crucial jobs data later in the week.
All three major U.S. stock indexes were modestly higher, although well off session highs, Treasury yields reversed an earlier dip and the dollar pared its losses in afternoon trading. "You're going to have market reactions like this, where investors take advantage of an early rally ahead some potentially market moving events," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana."It's indicative of a market that’s playing it close to the vest."A drop in U.S. factory orders followed modest growth estimates from China, boosting hopes that economic softening could translate to cooling inflation.
On Tuesday and Wednesday, Fed Chairman Jerome Powell is due to deliver his semi-annual testimony before Congress, which will be closely parsed for any clues regarding the extent and duration of the central bank's restrictive monetary policy aimed at curbing inflation. Further down the road, the Labor Department's much-anticipated February employment report is expected on Friday. Any signs of softening in the robust jobs market will be seen as a sign that the Fed's hawkish tactics are having their desired effect.
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