Wall Street shifted between tiny gains and losses early today as earnings season kicked off amid another busy week for the Federal Reserve and its inflation watchers, according to the Associated Press. Futures for the S&P 500 and the Dow Jones Industrial Average were each up less than 0.1% before the bell.
Entertainment giant Paramount Global climbed another 2.1% after it agreed to merge with Skydance.
Boeing ticked up about 1% in early trading.
Federal Reserve Chair Jerome Powell will testify before Congress on Tuesday and Wednesday. Powell’s comments will be closely watched for hints about the Fed’s interest rate policy.
Powell and other Fed officials will be tuned in to the latest government data on inflation coming on Thursday and Friday. While inflation has slowed in the past two years, it remains above the Fed’s 2% target. Most experts are expecting one rate cut from the Fed this year, but not until September. The Fed holds its next policy meeting later this month.
In other dealings today, U.S. benchmark crude oil gave up 80 cents, down to $82.36 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, declined 67 cents to $85.87 per barrel.
The U.S. dollar rose to 160.92 Japanese yen from 160.72 yen.
