Stock Futures Edge Down Ahead of Powell Testimony

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U.S. stock futures ticked lower ahead of a second day of congressional testimony from Federal Reserve Chairman

Jerome Powell

that will focus on the path of interest rates and the economic outlook.

Futures on the S&P 500 fell 0.4% and futures tied to the Dow Jones Industrial Average were down 0.3%. Changes in futures don’t necessarily predict movements after the opening bell.

Europe stocks declined Thursday for a two-session losing streak. The Stoxx Europe 600 lost 0.6% in morning trade dragged down by declines in materials and industrials sectors.

Aena S.M.E. slipped 2.8% for a three-day losing streak and

Umicore

fell 2.9%.

The U.K.’s FTSE 100, which is dominated by large international businesses, shed 0.5%. Other stock indexes in Europe also mostly slipped as France’s CAC 40 was down 0.4%, the U.K.’s FTSE 250 declined 0.1% and Germany’s DAX was lower 0.3%.

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

In commodities, Brent crude slipped 2% to $106.52 a barrel. Gold was also down 0.2% to $1,835.60 a troy ounce.

German 10-year bund yields declined to 1.572% and the yield on U.K. 10-year gilts was down to 2.447%. 10-year U.S. Treasury yields fell to 3.141% from 3.155%. Yields move inversely to prices.

Stocks in Asia mostly climbed as Hong Kong’s Hang Seng added 1.7%, Japan’s Nikkei 225 index logged a small gain, rising 0.1% after climbing up to 0.9%, and China’s benchmark Shanghai Composite gained 1.6%.

A trader worked on the floor of the New York Stock Exchange on Wednesday.



Photo:

BRENDAN MCDERMID/REUTERS

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

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