Stocks Rally Following Powell Inflation Comments

The Fed Chair noted that there's still "a long way to go"

Deputy Editor
Feb 7, 2023 at 4:26 PM
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Tuesday saw the major benchmarks swing on both sides of the tape, until ultimately finishing higher following remarks from Federal Reserve Chair Jerome Powell. In his statement before the Economic Club of Washington, D.C., Powell said the disinflationary process is working, but "it has a long way to go," and noted that surprising economic data -- like last week's red-hot jobs reading -- could force the central bank to raise rates even further.

Continue reading for more on today's market, including:

  • Call traders should consider this chip stock.
  • Unpacking this discount airliner's quarterly report.
  • Plus, BIDU touches 11-month high; Chegg's revenue forecast disappoints; and 1 sinking blue-chip stock.

closing summary feb7

nyse nasdaq feb7

5 Things to Know Today 

  1. Powell's comments pushed Bitcoin (BTC) above the psychologically-significant  $23,000 level. (CNBC)
  2. According to the Commerce Department, the U.S. trade deficit widened in December, with exports dropping to a 10-month low. (Reuters
  3. Baidu announced its ChatGPT rival.
  4. Put traders and analysts weighed in on Chegg stock.
  5. This blue chip is breaking below a key trendline.

Earnings Feb7

UVOL Feb7

Oil Prices Log Highest Close in a Week

Oil prices settled at a one-week high, as investors looked towards China's growing demand and supply concerns following the earthquake in Turkey. As a result, March-dated crude added $3.03, or 4.1%, to settle at $77.14 per barrel.

Gold prices ticked higher as well, after Powell's comments caused the U.S. dollar to pause. April-dated gold tacked on $5.30, or 0.3%, to settle at $1,884.80 per ounce.

 

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