Commonwealth Financial Network CIO Brad McMillan discusses Federal Reserve Chairman Jerome Powell’s statement that inflation is temporary and his outlook for the markets.
U.S. stock futures were little changed Wednesday as investors continued to assess the Federal Reserve’s views on inflation.
Dow futures ticked up 15 points, or 0.04%, while S&P 500 futures slipped 0.02% and Nasdaq 100 futures were up 0.01%.
The choppy trade comes a day after the Nasdaq Composite finished at an all-time high as Fed Chairman Jerome Powell reiterated his belief that the recent uptick in inflation is transitory.
POWELL SAYS FED WILL WAIT FOR ‘ACTUAL INFLATION’ BEFORE RAISING INTEREST RATES
In stocks, Microsoft Corp. shares were in focus as the tech stalwart closes in on a $2 trillion valuation. Shares need to finish at or above $265.55 apiece in order for Microsoft to become the second company, behind Apple, to reach the level.
Crypto-related names like MicroStrategy Inc. and Riot Blockchain Inc. continued to bounce back after bitcoin rallied to above $34,000 a coin after trading below $29,000 the prior session.
In earnings, Winnebago Industries Inc. reported record quarterly earnings and revenue as the pandemic fueled strong demand for an active outdoor lifestyle. The RV maker said its record backlog grew 252% from a year ago to 46,646 units.
Oil majors ExxonMobil Corp. and Chevron Corp. gained as oil prices held near their highest level in over two years.
In commodities, West Texas Intermediate crude oil rose 56 cents to $73.41 a barrel and gold advanced $6.60 to $1,784 an ounce.
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Overseas markets were mixed.
France’s CAC 40 and Germany’s DAX 30 declined 0.4% and 0.5%, respectively, despite eurozone business growth accelerating at its fastest pace in 15 years. Britain’s FTSE 100 outperformed the rest of the region, trading up 0.36%.
In Asia, Japan’s Nikkei 225 slipped 0.03%, China’s Shanghai Composite climbed 0.25% and Hong Kong’s Hang Seng index surged 1.79%.
