The U.S. stock market had some gains early Friday erasing loses seen Thursday as traders are waiting to hear remarks from the Federal Reserve Chair Jerome Powell. There were some hawkish comments from Fed policy makers earlier in the week that derailed the market, this adding to the crisis in Afghanistan which saw mass casualties including U.S. service members. Ester George, President of the Federal Reserve in Kansas City, stated she would prefer to see asset purchases and monetary policy accommodations reduced “sooner rather than later”. Today’s remarks from Powell should reveal a fuller picture of the central bank leader’s ideas on the pace of the U.S. economic recovery in the wake of a surge in covid-19 cases due to the delta variant. A definitive plan is not expected today but it will be interesting what road Powell takes as his comments have been more dovish than the others suggesting a more let’s wait and see attitude on the economy before making any adjustments.
Support today is 445500 and 444500 with resistance showing 448500 and 451000.