Futures are up this morning, undoing most of the downward action we saw Tuesday — and more in Wednesday’s stock market recap.
Merck shares rose Wednesday morning in premarket trading after an FDA advisory panel endorsed use of the company’s COVID-19 pill. The pill still needs final authorization from the FDA and CDC before it’s available to the public.
Meanwhile, the Biden administration is considering tightening travel restrictions in response to the omicron coronavirus variant.
Federal Reserve Chairman Jerome Powell is set to appear before a House panel on Wednesday, just one day after saying he’s considering tapering bond purchases even faster as the country grapples with rising inflation — more on that in Roger’s Radar below…
In this stock market recap video, you’ll discover the major levels for the S&P 500 and the Nasdaq… the latest support level for the bond market… which sectors are most vulnerable right now… what market internals are telling us… the strongest sector and stock… and the weakest sector and stock.
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Roger’s Radar: Fed Chair Jerome Powell, Tapering and Inflation
Back to Powell, who essentially retired the word “transitory” in regard to inflation on Tuesday. He also surprised everyone by saying the central bank is likely to speed up plans to taper bond purchases, even in the face of the spread of the omicron variant.
“At this point, the economy is very strong and inflationary pressures are high and it is therefore appropriate in my view to consider wrapping up the taper of our asset purchases … perhaps a few months sooner,” Powell said.
This guy just can’t keep his mouth shut, and I don’t get it. The market is going crazy because of the omicron variant. So I just don’t understand the purpose for saying what he did about winding down bond purchases.
Sometimes, saying nothing is better than roiling markets with predictions like this he may not even keep.
It just doesn’t make any sense…
Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
- Close: 34,483.72.
- Futures: 34,794.
- Change: +337.
S&P 500 (mini)
- Close: 4,567.
- Futures: 4,622.
- Change: +55.75.
- Close: 16,135.92.
- Futures: 16,348.
- Change: +195.5.
- Close: 2,198.91.
- Futures: 2,251.8.
- Change: +54.5.
Note: Updated as of 9:07 a.m. EST
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Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.