All eyes will be back on Fed Chairman Ben Bernanke today as he gears up for more Congressional testimony. European markets are on edge as the testimony grows near. Numerous opinion pieces have come out in recent days urging the Fed to do more or risk another recession, or at worst, a depression.
A quick snapshot of the futures has the Dow, Nasdaq and S&P 500 all up half a percent heading into the open.
Yesterday’s macor numbers on retail spending showed the US consumer taking a big step away from the table. On an expected rise in sales, the number came in as a big miss. If the data keeps painting a bleak picture, the Fed will have no choice but to act to bolster the economy. Everyone knows that Congress will do nothing until the we hit the proverbial iceberg multiple times and start sinking. Sign Up For Free Stock Alerts
Commodities are also taking a wait and see approach with Bernanke’s testimony. Gold bulls have been salivating over the prospect of QE3 for a year now. Futures in the metal are essentially flat this morning as investors wait for the US Senate testimony.
Oil prices continue to trend higher as middle east tensions continue to spike. Nymex crude futures have been creeping back towards the $90 level and right now are up 30 cents to $88.76 per barrel. [Read more...]
