Stock futures lower ahead of testimony by Fed’s Powell on economy

Stock-index futures were mostly lower Tuesday, with tech shares continuing to lead the way down, as investors monitored a sharp rise in bond yields and prepared for testimony by Federal Reserve Chairman Jerome Powell on the economic outlook.

What’s driving the market? A sharp rise in Treasury yields have captured the attention of investors, spelling trouble for tech and other previous high fliers. Higher yields make it more difficult to justify stretched valuations. Meanwhile, shares of companies more dependent on the economic cycle have benefited, buoyed by expectations for a pickup in growth as the economy more fully reopens courtesy of aggressive fiscal stimulus, vaccine rollouts and falling COVID-19 cases.

Powell “will either make or break the day for investors,” said Ipek Ozkardeskaya, senior analyst at Swissquote. Powell is likely to reiterate the Fed’s support for financial markets and the economy until substantial progress is made in improving the jobs market, but he’s also certain to be questioned about rising inflation expectations, particularly after the sharp rise in the producer-price index last month.

On the fiscal front, the House Budget Committee on Monday approved a $1.92 trillion bill to carry out President Joe Biden’s coronavirus relief plan, a first step toward likely House passage by the end of the week. While the ultimate package is likely to shrink, analysts expect its final price tag to come in not far below Biden’s $1.9 trillion proposal.

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