Stock Futures Pause Ahead of Fed Chairman’s Confirmation Hearing

Jan. 11, 2022 3:38 am ET

U.S. stock futures were little changed ahead of Federal Reserve Chairman Jerome Powell’s confirmation hearing, where he is expected to face questions over his plans to contend with inflation.

S&P 500 futures traded broadly flat and Dow Jones Industrial Average futures traded flat. Changes in equity futures don’t necessarily predict movements after the markets open.

European stocks advanced Tuesday after a three-day losing streak. The Stoxx Europe 600 added 1% in morning trade. Gains were led by consumer discretionary and utilities sectors.

Delivery Hero jumped 7.8% and Ocado Group rose 2.5%.

The U.K.’s FTSE 100, which is dominated by large international businesses, climbed 0.5%. Other stock indexes in Europe also mostly climbed as France’s CAC 40 gained 1%, the U.K.’s FTSE 250 climbed 0.9% and Germany’s DAX rose 0.9%.

The Swiss franc, the euro and the British pound were up 0.2%, 0.2% and 0.3% respectively against the U.S. dollar.

In commodities, international benchmark Brent crude strengthened 0.7% to $81.45 a barrel. Gold also gained 0.5% to $1,808.00 a troy ounce.

The yield on German 10-year bunds fell to minus 0.035% and 10-year U.K. government debt known as gilts yields slipped to 1.184%. The 10-year U.S. Treasury yield declined to 1.759% from 1.779% on Monday. Yields move in the opposite direction from prices.

Stocks in Asia mostly slipped as Hong Kong’s Hang Seng lost 0.4%, Japan’s Nikkei 225 index was lower 0.9% and China’s benchmark Shanghai Composite shed 0.7%.

An afternoon rebound on Monday erased losses in technology stocks and pushed the Nasdaq Composite to a small gain.

Photo: Courtney Crow/Associated Press

An artificial-intelligence tool was used in creating this article.

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