Fed Chair Jerome Powell is concluding his congressional testimony today
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| | | 2/27/2019 | |
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| Stocks Stumble After Lighthizer's China Trade Warning | | By Patrick Martin | | The Dow Jones Industrial Average (DJI) is sharply lower at midday, down nearly 150 points amid flurry of market-moving events. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are joining the Dow in the red, after U.S. Trade Representative Robert Lighthizer said in congressional testimony that "much still needs to be done" to achieve a trade deal with China. Also in focus is a denuclearization meeting between President Donald Trump and North Korean leader Kim Jong Un in Vietnam, as well as congressional testimonies from Fed Chair Jerome Powell and Trump's former lawyer, Michael Cohen. Traders are digesting a round of economic data, too, including a slimmer-than-expected rise in December factory orders and larger-than-forecast bounce in January pending home sales. Plus, the U.S. goods trade deficit surged 12.8% in December. Continue reading for more on today's market, including: - This weed stock is crushing shorts today.
- Bear notes have swiftly followed a dismal Weight Watchers earnings report.
- Plus, options traders eye quick Macy's pullback; Micron takes a breather; and Vitamin Shoppe stays hot.
| | >> Continue reading... | |
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