U.S. equities finished higher after whipsawing in the wake of comments from Fed Chair Powell. The Chairman spoke at the Economic Club in Washington D.C. today, saying that disinflation has begun, but interest rate increases would likely continue. The moves came as the markets were looking for more insight regarding monetary policy, but all-in-all Powell's remarks appeared to offer little in the way of new information on the Fed's path forward. The economic calendar was fairly light today, as data on the trade balance showed that the deficit widened at a slower pace than expected, while consumer credit expanded by a smaller-than-expected amount in December. Earnings data continued to heat up, as Take-Two Interactive missed forecasts and warned that net bookings will be lower in the near term. Dupont, on the other hand, bested earnings estimates, but provided some disappointing guidance, while Hertz beat EPS forecasts and posted revenues that were in line with estimates. Treasury yields were higher, and the U.S. dollar ticked lower, while crude oil and gold prices traded to the upside. Asian stocks were mixed and markets in Europe diverged following a rate hike from the Reserve Bank of Australia, and as global sentiment remained choppy amid heightened tensions between the U.S. and China.
Asian markets mixed after China data disappoints
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