U.S. Stock Futures Are Higher As We Reach The Last Day Of The Quarter #SP500 #COVID #InfrastructureBill
U.S. stock futures are higher: Equity markets are expected to open higher as futures are pointing up for the last day of the quarter. As of today, and for the quarter, the S&P is up 1.4% and the YTD the index is up 16.06%. Chairman Powell is set to testify today before the House Financial Services Committee and on Tuesday, Powell told the Senate Banking Committee that inflation pressure could last longer, specifically with the supply chain issues and Covid situation in Asia. Bond yields took a pause yesterday after a speedy increase over the past few days. Jobless claims from last week totaled 362,000 versus consensus of 335,000 and the treasury yields ticked up a couple of basis points post release. The infrastructure bill is expected to come up for a vote today in Congress but faces an uncertain path as some Democrats want action on the $3.5 trillion program first. Additionally, the Senate has agreed to fund the government into early December and Congress has to pass the funding bill before midnight Thursday to avoid a shutdown. European markets are trading higher and Asia markets closed higher.