SP 500 Set to Open Higher ahead of Powell Testimony

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All eyes on Powells congressional testimony at 2 p.m. ET

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June 22 Reuters The SP 500 was set to open within 1 of its peak on Tuesday as investors looked to Federal Reserve Chair Jerome Powells remarks for clues on how the central bank is balancing inflation risk with its promise to ensure a full jobs market recovery.

In his prepared remarks released late Monday afternoon, Powell said inflation has increased notably in recent months but regarded the recent jump as likely to fade. The Fed chief is due to speak before Congress at 2 p.m. ET 1800 GMT.

The Fed, and particularly Powell, are going to continue to talk to the transitory nature of inflation, said Tony Minopoli, chief investment officer at Knights of Columbus Asset Advisors in Connecticut.

We are at this inflection point where employment is getting better and we move from a stimulusdriven economic situation to a more traditional, consumerled growth.

U.S. stocks rebounded on Monday after the Feds hawkish tone on the back of improving economic data triggered a sharp profit booking last week on the companies touted as reopening stocks.

Still, energy, financials and other economically sensitive stocks have far outperformed the benchmark SP 500 and the bluechip Dow indexes yeartodate.

We are approaching at least the peak of the Vshaped economic recovery and…

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