Stock market news live: S&P 500, Nasdaq hit record highs, Powell testifies before Congress - Yahoo Finance

U.S. stocks were higher Tuesday, pointing to a second straight day of gains as congressional testimony from Federal Reserve Chair Jerome Powell was under way.

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10:15 a.m. ET: Powell begins delivering prepared remarks to Congress

Federal Reserve Chair Jerome Powell began delivering his prepared remarks before Congress as part of his semi-annual testimony to lawmakers on Capitol Hill.

In his remarks, Powell underscored the ongoing strength of the U.S. economy, now in its eleventh year of expansion, but highlighted the new risks posed by the spread of the coronavirus.

Here’s what Andrew Hunter, senior U.S. economy at Capital Economics, had to say about Powell’s prepared remarks:

Powell noted that while GDP and particularly consumption growth slowed last year, the recent trade truce with China and signs of improvement in the global economy had reduced some of the uncertainties around the outlook. Admittedly, Powell also acknowledged that officials are “closely monitoring” the risks posed by the new coronavirus. But, while the markets are apparently convinced that the virus will force the Fed to cut rates again by year-end, the likelihood of a US epidemic now appears low, and we expect the knock-on impact of the disruption in China to shave no more than a few tenths off first-quarter GDP growth.

As Powell began speaking, markets had priced in an about 82% probability of at least one quarter-point cut to benchmark interest rates by the end of 2020, according to CME Group data.

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9:35 a.m. ET: S&P 500, Nasdaq hit record highs

U.S. stocks were higher Tuesday morning a half-hour before Federal Reserve Chair Jerome Powell delivers remarks before Congress. Both the S&P 500 and Nasdaq hit records high, and the Dow came within two points of a fresh record.

Here were the main moves in markets, as of 9:35 a.m. ET:

• S&P 500 (^GSPC): +0.45% or +15.04 points to 3,367.13

• Dow (^DJI): +0.32% or +84.86 points to 29,361.68

• Nasdaq (^IXIC): +0.45% or +44.05 points to 9,672.44

• Crude oil (CL=F): +2.08% or +$1.03 to $50.60 a barrel

• Gold (GC=F) +0.28% or +$4.40 to $1,575.10 per ounce

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8:02 a.m. ET: Under Armour shares slump after missing fourth-quarter sales expectations

Athletic-wear maker Under Armour (UAA) shares sank more than 13% in early trading after delivering disappointing fourth-quarter sales and projecting a revenue decline in 2020.

The company posted fourth-quarter adjusted earnings of 10 cents per share on net revenue of $1.44 billion, versus Bloomberg-compiled consensus expectations for adjusted EPS of 10 cents on net revenue of $1.47 billion. Closely watched North American sales rose just 1.9% in the quarter, short of the 2.26% rise expected.

Under Armour said it expects 2020 revenue will fall by a low-single-digit percentage compared to 2019’s $5.3 billion in full-year sales. North American sales will likely decline by a high-single-digit percentage, the company said. And Under Armour said it is considering restructuring this year, and that its outlook does not account for any costs that could arise from those potential initiatives.

Under Armour also said it sees a negative impact from the coronavirus outbreak of between $50 million and $60 million in sales during the current quarter.

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7:47 a.m. ET: Stock futures rise ahead of Powell testimony

Contracts on the three major indices rose in early trading and headed toward a second consecutive session of gains as investors eyed ongoing developments with the coronavirus and looked ahead to congressional testimony from Federal Reserve Chair Jerome Powell.

Powell is set to deliver the first of two days of congressional testimony starting at 10 a.m. ET as part of his semi-annual monetary policy report to Congress. In a statement released Friday, Powell characterized 2019’s economy as having grown “moderately,” and with the labor market having “strengthened further.”

However, he also called out the coronavirus as presenting “a new risk to the outlook.”

“The recent emergence of the coronavirus,” he said, “could lead to disruptions in China that spill over to the rest of the global economy.”

To date, the coronavirus has infected 43,118 people globally, and the death toll climbed to 1,018, according to the European Center for Disease Prevention and Control. The vast majority of cases and deaths have been confined to mainland China. While some businesses in China resumed operations this week, the restart has been slow-going and fraught with issues as fears over the spread of the coronavirus continue to escalate, according to multiple reports.

Here were the main moves during the pre-market session, as of 7:49 a.m. ET:

• S&P futures (ES=F): 3,362.00, up 9 points or 0.27%

• Dow futures (YM=F): 29,329.00, up 84 points or 0.29%

• Nasdaq futures (NQ=F): 9,567.00, up 39.5 points or 0.41%

• Crude oil (CL=F): $50.56 per barrel, up $0.99 or 2.00%

• Gold (GC=F): $1,573.10 per ounce, down $6.40 or 0.41%

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., February 6, 2020. REUTERS/Lucas Jackson

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2020-02-11 15:15:00Z
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