US stocks slide lower after big rally yesterday. Powell ahead

S&P 500 slips

The S&P 500 is 10 points lower shortly after the open following a 90-point rip yesterday. The 0.3% decline comes ahead of an appearance from Powell at the top of the hour in Congress (via video).

His prepared remarks weren’t anything new and are already published so we’ll have to wait for the Q&A to get any signals. His latest tactic has been to badger Congress (Draghi style) to do more.

The S&P 500 tentatively broke the 61.8% retracement and the April/May highs yesterday but you would like to see a coordinated breakout with something like AUD/USD and other risk assets to confirm it.

Other markets:

  • DJIA -161 points to 24438
  • Nasdaq +22 to 9257
  • Canada’s TSX is up 0.9% after a holiday Monday

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