T&G Market Recap: Dow Gains, Nasdaq Drops as Powell Testifies and Inflation Data Looms 📉💬
Mixed market reaction as Jerome Powell’s testimony in Congress and inflation data add caution. 🏛️📊
US stocks closed mixed on Tuesday, with investors assessing Federal Reserve Chair Jerome Powell’s testimony and looking ahead to crucial inflation data. The Dow Jones rose slightly by 0.3%, while the Nasdaq Composite dipped 0.4%. The S&P 500 finished just above the flatline, showing investor uncertainty as they prepare for inflation updates and the ongoing tariff news.
Key Highlights of the Day 📊:
Jerome Powell’s Testimony: The Fed Chair started his two-day testimony, reiterating that the Fed isn't rushing to change interest rates. Powell emphasized the central bank’s focus on data over politics. 🏛️
Tariff Fears: Trump's tariff announcements on steel and aluminum imports pressured markets but led to steel stocks rising. 📉🔨
Inflation Data: The January CPI report due on Wednesday will be key to understanding inflation pressures and what the Fed may do with interest rates this year. 🔎📅
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