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Market Update: US Futures Mixed as Dovish Powell Weighs
Contracts on the Dow Jones and S&P 500 futures were lower on Thursday while the Nasdaq attempted to remain in the green as dovish comments from Fed Chair offset strong corporate results and falling claims. Jerome Powell said Wednesday that inflation, which has been soaring as the economy recovers further, will likely remain elevated in coming months, before moderating. Powell also signalled no imminent change in the Feds ultra-low interest rate policy, adding that there is still a long way to go before the labour market fully recovers from the pandemic hit. Traders will keep an eye on Powell’s hearing later in the day. Meanwhile, the earnings season continues with Morgan Stanley, US Bancorp and UnitedHealth all beating estimates. Initial claims fell to a new pandemic low of 360K, in line with forecasts. [/s2If]
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