US pre-open: Futures mixed ahead of Powell testimony
By Iain Gilbert
Date: Tuesday 22 Sep 2020
(Sharecast News) - Wall Street futures were pointing to a mixed session before the bell on Tuesday ahead of testimony from Federal Reserve Chairman Jerome Powell later in the day.
As of 1215 BST, Dow Jones futures were down 0.08%, while S&P 500 and Nasdaq-100 futures were 0.21% and 0.79% higher, respectively.
The Dow Jones closed 509.72 points lower on Monday as Chinese trade relations, a potential second wave of the Covid-19 pandemic and stimulus negotiations were all in focus.
Tuesday's main focus will be Powell's testimony before the House of Representatives Financial Services Committee at 1530 BST.
Powell will tell the House that the Fed stands ready to use all of the tools at its disposal to assist the recovery of the economy and limit the lasting damage from the Covid-19 pandemic's effect on the nation.
News that multiple European countries had reinstated coronavirus lockdown measures also weighed on sentiment ahead of the open, as did concerns about ongoing stimulus negotiations on Capitol Hill following the death of Supreme Court Justice Ruth Bader Ginsberg.
On the macro front, existing home sales for July and the Richmond Fed's September manufacturing index will be published at 1500 BST.
Federal Reserve Bank of Chicago President Charles Evans will also deliver comments at 1500 BST.
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