Markets mixed ahead of Powells testimony
Stocks continue to trend higher and gold reverses gains
Markets are expected to witness high volatility in the US session today.
Gold prices drop to $1835 ahead of Powells testimony.
Stock markets up for the 4th consecutive day after witnessing a February correction. Led higher by optimism for a slower interest rate hike path.
Apple rose almost 2% in late trading yesterday after Goldman Sachs issued a buy rating on the stock. Pushing the technology sector higher.
Although Tesla dragged by 2%, After the EV carmaker cut prices of its models.
Markets hold still before Powell’s testimony later in the day, which could potentially be his last statement on the path of interest rates which will move markets before the next FOMC meeting this month.
Treasury yields dropped over the past week helping gold bounce back from a major correction it saw last month. After blowing the yellow metal off track near the $1804 level. Gold was able to recover in the morning hovering near $1848 and falls again before the opening bell of the US session.