Wall Street futures are moving up today, with the market trying to make up for some of the sharp losses it suffered in 2022.
Futures related to the S&P 500 traded 0.7% higher, while Dow Jones futures rose 142 points or 0.5%. Nasdaq futures rose 1%.
The averages of the key indicators increase for the week. The S&P 500 and Nasdaq are up more than 2% during this period, while the Dow is up almost 2%.
Of course, stocks closed slightly lower on Wednesday, as investors weigh the chances of a recession.
US Federal Reserve Chairman Jerome Powell told Congress that the central bank was “strongly committed” to reducing inflation. He also noted that the recession is a “possibility”, a fear that continues to weigh on Wall Street.
“Chances are more in favor of a recession than the opposite,” Dan Greenhaus, chief strategic analyst at Solus Alternative Asset Management, told CNBC.
“This is important for the degree to which the US Federal Reserve should now move forward, as it has not done so in the past, when it might have avoided some of the problems that will result.”
“Unfortunately, it will be more ‘financial pain’ than everyone expected at least six months ago, but they are increasingly realizing that this is what is likely to happen,” he added.
Today, investors are waiting for the new data on the applications of the unemployed. Powell will also make statements to the House of Representatives, having previously addressed the Senate on Wednesday. The remarks that Op Powell will make today are part of the semi-annual monetary policy report, which is mandatory by Congress.