T&G Market Recap: Dow Gains, Nasdaq Drops as Powell Testifies and Inflation Data Looms ๐๐ฌ
Mixed market reaction as Jerome Powellโs testimony in Congress and inflation data add caution. ๐๏ธ๐
US stocks closed mixed on Tuesday, with investors assessing Federal Reserve Chair Jerome Powellโs 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 ๐:
Jerome Powellโs Testimony: The Fed Chair started his two-day testimony, reiterating that the Fed isn't rushing to change interest rates. Powell emphasized the central bankโs focus on data over politics. ๐๏ธ
Tariff Fears: Trump's tariff announcements on steel and aluminum imports pressured markets but led to steel stocks rising. ๐๐จ
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. ๐๐
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