Stocks moved lower in early US trading with the S&P dipping back below the 4100 level to a low of 4095 but has recovered and trades back above the December highs at the 4100 level at 4115 which is now up 4.31 points on the day
The NASDAQ index is doing better with a gain of 53 points or 0.43% at 11939.
The Dow Industrial Average is still down by about -73 points were -0.22%
Feds Powell is expected to speak at 12:40 PM ET. Markets are anxious to hear what the Fed chair says after the stronger-than-expected US jobs report on Friday. It's just one number, but if he ignores the number as such, it could spur on more buying.
Conversely if he is more hawkish (the tight labor market is bad for inflation. Goods inflation has come down, but service inflation still remains well elevated. The Fed will do all it can and may have to ratchet to a higher terminal rate), we could see more rotation back to the downside.
We will see in about an hour, but for now, the stocks are voting for nothing new, from Fed's Powell despite the surge in jobs.
