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US stock futures trading lower hours before Tuesday's opening bell
U.S. equity futures traded lower ahead of Tuesday's Wall Street session after U.S. investor's were buoyed by Monday's reassurance from the Federal Reserve for support in the economic recovery.
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Overnight, Wall Street's benchmark S&P 500 index rose 0.7% as big technology companies led stocks broadly higher. Amazon, Apple, and Microsoft advanced.
Fed Chairman Jerome Powell said that while the economy was improving, a recovery is “far from complete." In testimony to Congress, he said the Fed “will continue to provide the economy the support it needs for as long as it takes.”
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Powell “kept markets happy” by saying "there was still a long way to go” before tighter monetary policy is justified, Robert Carnell of ING said in a report.
Investors are wavering between optimism that coronavirus vaccines that might allow business and travel to return to normal and fears of higher inflation after struggling economies were flooded with credit and government spending.
They have been reassured by Powell's comment earlier that the Fed's key interest rate will be kept near zero through 2023 even as inflation is forecast to pick up.