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US equity futures are trading lower ahead of Tuesday's opening bell following Monday's gains
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U.S. equity futures are trading lower ahead of Tuesday's opening bell following Monday's gains led by shares of industrial and financial stocks, which tend to be sensitive to changes in the economic outlook.
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Federal Reserve Chair Jerome Powell says the economy is growing at a healthy clip, and that has accelerated inflation. In written testimony to be delivered at a congressional oversight hearing Tuesday, Powell reiterated his view that inflation’s recent jump to a 13-year high will prove temporary.
Powell’s remarks follow a meeting of the Fed’s policymaking committee last week, when central bank officials signaled they were prepared to raise rates earlier than they had previously suggested.
POWELL SAYS ECONOMY GROWING RAPIDLY, INFLATION UP ‘NOTABLY’
On Monday, the S&P 500 snapped 1.4% higher, to 4,224.79, recovering nearly three-quarters of its worst weekly loss since February. Oil producers, banks and other companies that were hit particularly hard last week led the way.
The Dow Jones Industrial Average gained 1.8% to 33,876.97 and the Nasdaq composite rose 0.8%, to 14,141.48.