The stock market has skid lower in early action, ahead of Powell's speech:
Stocks fell Tuesday morning as investors awaited remarks by Federal Reserve Chairman Jerome Powell, while also looking ahead to this weekend’s expected meeting between President Donald Trump and Chinese leaders Xi Jinping amid growing hopes for cease-fire in the U.S.-China trade war.
Stocks have rallied in June, fueled in part by growing expectations the Federal Reserve will deliver an interest-rate cut as early as next month, with perhaps additional easing by year-end. Last week’s Fed policy meeting, and remarks by Powell, reaffirmed those expectations. Moves toward easing by other major central banks have also been credited with lifting sentiment.
Powell will be in the spotlight Tuesday in a busy day for Fed speakers. He’s set to deliver a speech on the economic outlook and the Fed’s monetary policy review at the Council on Foreign Relations in New York at 1 p.m. Eastern. Investors are also watching the Middle East, with continuing tensions between the U.S. and Iran driving gold prices toward a six-year high. Iran said Trump’s decision Monday to impose additional sanctions on Iran had closed the door to diplomatic negotiations. Iran last week downed a U.S. military drone near the Strait of Hormuz, a key oil transportation choke point, and has been blamed by Washington for attacks on tankers in the area. Iran has denied responsibility for the tanker attacks.
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