Stock Futures Hold Gains After Powell’s Remarks: Markets Wrap

(Bloomberg) — Stocks remained higher after Federal Reserve Chair Jerome Powell reiterated his wait-and-see stance on rate cuts, with traders growing confident that a fragile truce between Israel and Iran would hold. Oil tumbled.

S&P 500 futures rose almost 1%, signaling equities will extend their rebound. The yield on 10-year Treasuries was little changed at 4.34%. The Bloomberg Dollar Spot Index fell 0.5%

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“The effects of tariffs will depend, among other things, on their ultimate level,” Powell said Tuesday in remarks prepared for delivery to Congress. “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”

The Fed chair will testify before the House Financial Services Committee at 10 a.m. Tuesday, and at the same time on Wednesday before the Senate Banking Committee. The appearances come less than a week after officials agreed to keep rates unchanged for a fourth consecutive meeting. 

Corporate Highlights:

• Airline stocks surged after President Donald Trump announced a ceasefire between Israel and Iran, spurring optimism over a potential easing of airspace disruptions in the Middle East.
• Uber Technologies Inc. on Tuesday will begin offering its customers driverless Waymo rides in Atlanta, making it the second market, after Austin, where the two companies are teaming up instead of competing against each other.
• Lyft Inc. was raised to buy at TD Cowen, which cited multiple growth levers.
• Starbucks Corp. said it’s not currently considering a full sale of its China business, disputing a report from Caixin Global that had sent the shares higher in late trading, as the coffee giant battles cheaper local rivals in its second-biggest market.
• Spain’s government imposed additional conditions on BBVA SA’s planned takeover of Banco Sabadell SA, in another setback to the €14 billion ($16 billion) deal more than a year after it was first proposed.
• Novo Nordisk A/S is hunting for more early-stage deals to pad its pipeline of next-generation obesity drugs, as the drugmaker struggles to fend off rivals in the burgeoning weight-loss market it helped pioneer.

Some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.7% as of 8:39 a.m. New York time
• Nasdaq 100 futures rose 1%
• Futures on the Dow Jones Industrial Average rose 0.6%
• The Stoxx Europe 600 rose 1.2%
• The MSCI World Index rose 0.5%

Currencies

• The Bloomberg Dollar Spot Index fell 0.5%
• The euro rose 0.3% to $1.1609
• The British pound rose 0.6% to $1.3604
• The Japanese yen rose 0.8% to 144.95 per dollar

Cryptocurrencies

• Bitcoin rose 1.2% to $105,089.83
• Ether rose 2.7% to $2,411.05

Bonds

• The yield on 10-year Treasuries was little changed at 4.34%
• Germany’s 10-year yield advanced four basis points to 2.54%
• Britain’s 10-year yield was little changed at 4.49%

Commodities

• West Texas Intermediate crude fell 4.2% to $65.60 a barrel
• Spot gold fell 1.8% to $3,307.39 an ounce

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