Markets
Here are today’s market moves:
What Happened?
The S&P 500 fell on Thursday as Fed Chair Jerome Powell told lawmakers that he was surprised how quickly inflation had ticked up recently.
Also weighing on markets is the spread of the delta variant of coronavirus.
Nevertheless, corporate earnings seem to be strong and major indexes are sitting near all-time highs.
Jobless claims fell by 26,000 to 360,000 last week – a new pandemic low. The Fed closely monitors labor market data to determine monetary policy.
Jerome Powell said that inflation would likely remain high for a few months before moderating. He also described the economy as “still a ways off” from meeting the Fed’s self-described goals of “substantial further progress.”
The crypto market fell on Thursday, with Bitcoin trading just below $32k, driven by a broader selloff in risk assets.
What Else?
This Week
Monday: Earnings expected from Simulations Plus.
Tuesday: Earnings expected from Chase, Goldman Sachs, and Pepsi.
Wednesday: Earning expected from Bank of America, BlackRock, Citi, Delta, and Wells Fargo.
Thursday: Weekly jobless claims; Earnings expected from Morgan Stanley and UnitedHealth.
Friday: Earnings expected from Charles Schwab.