Tech Sector Remains Under Pressure While Volatility Moves Higher Ahead Of Powell

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Today's a big day for Fed watchers. So is tomorrow. Meanwhile, the "Tech check" continues with selling overnight hitting mega-cap stocks in that sector. We'll talk more about Tech below.

First, Fed Chairman Jerome Powell begins his semi-annual testimony to the Senate Committee on Banking, Housing, and Urban Affairs at 10 a. m. ET. He heads over to the House on Wednesday for more of the same, and it's all going to be live-streamed. This is what people once called "Humphrey Hawkins" testimony because it was mandated by Senators Humphrey and Hawkins in 1978 (yep, that was Sen. Hubert Humphrey, who sadly died before the bill was signed into law). A lot of people are on pins and needles wondering what Powell might say about economic growth coming out of the pandemic and whether he's worried about things getting overheated. The Atlanta Fed's GDPNow forecasting model predicts an amazing 9. 5% seasonally-adjusted gain in gross domestic product this quarter. That' more...