Will the Fed put a hold on the bullish market?
Kaltbaum Capital Management President Gary Kaltbaum and Belpointe Asset Management Chief Strategist David Nelson on the stock market’s correction from the sell-off and how the Federal Reserve’s new chairman Jerome Powell will impact the markets.
Stock futures are setting up for a pop to the upside when trading begins Monday morning.
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Dow Jones futures were rising by 0.40%. The S&P 500 added 0.13% and the Nasdaq Composite was flat.
The Dow ended the week in positive territory, as stocks rallied for a second straight day.
The Dow Jones Industrial Average surged 347.51 points, or 1.39%, to 25,309. The S&P 500 rose 43.34 points, or 1.6%, to 2,747.30. The Nasdaq Composite advanced 127.31 points, or 1.77%, to 7,337.39 in a strong day for tech stocks.
Investors will be listening this week to testimony from the new Federal Reserve chief. Also, a full plate of economic reports is on tap including reports on housing, 4Q GDP and manufacturing. Retail earnings will also be in the spotlight with Macy’s reporting on Tuesday and Lowe’s on Wednesday along with others.
In Asia, Japan’s stock rose to near three-week highs. The Nikkei ended the day up 1.2 percent at 22,153.63, after earlier touching the highest since Feb. 7.
Chinese blue chips added 0.7 percent as China’s ruling Communist Party on Sunday set the stage for President Xi Jinping to stay in office indefinitely, with a proposal to potentially remove term limits.
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