Stock market news live updates: Stock futures point to higher open following hawkish Powell remarks

Stock market news live updates: Stock futures point to higher open following hawkish Powell remarks

U.S. equity futures advanced in pre-market trading Tuesday after hawkish remarks from Federal Reserve Chair Jerome Powell snapped last week’s winning streak on Wall Street in the previous session.

Contracts tied to the S&P 500 inched 0.3% higher to 4,467.25 as of 7:15 a.m. ET, and Dow Jones Industrial Average futures gained 160 points, or about 1.5%, to 34,602.00. Futures on the Nasdaq Composite ticked up 0.3% to 14,412.00. The moves follow a choppy session Monday that saw all three indexes close lower to start the week after Powell signaled the central bank was prepared to act more aggressively to rein in inflation.

The Fed’s top leader reiterated in comments at the National Association for Business Economics Monday that policymakers will lean into higher short-term interest rates “as needed” to mitigate fast-rising price levels, with a goal of bringing inflation back down to an annual pace of about 2% while maintaining low unemployment.