Federal Reserve Chairman Jerome Powell is scheduled to continue his presentation today to the House Financial Services Committee. . Yesterday, he indicated that the central bank is closely monitoring the extent of global economic disruptions from the coronavirus in China. Mr. Powell feels that it is too soon to say whether the outbreak would change the central bank’s current monetary policy. “Of course, policy is not on a preset course,” he said. “If developments emerge that cause a material reassessment of our outlook, we would respond accordingly.” In addition, Mr. Powell said “We find the U.S. economy in a very good place, performing well. We see signs of global growth bottoming out.” Treasury Secretary Steven Mnuchin will be presenting a Monetary report on the 2021 budget to the Senate’s Banking committee today.
At 10:00 am ET Atlanta Fed business inflation expectations.
At 10:30 am ET EIA report on crude stockpiles.
At 08:30 am ET Philadelphia Fed President Patrick Harker
At 09:00 am ET San Fran Fed President Mary Daly.
At 10:00 am ET Fed Chairman Powell will be speaking to Congress.
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Sector Update: Headlines to Note-
TPX To release earnings tomorrow morning, expected price move is $6.50.
CVS Released positive earnings this morning. A 5-cent beat on higher revenue.
BBY Multiple brokers are lowering their price targets this morning.
MRK Announced Keytruda w/ chemotherapy met primary endpoint in study.
PRVL Receives Orphan Drug status for Treatment of Gaucher Disease
RDY To acquire select businesses of Wockhardt in India.
CSCO To release earnings this afternoon, expected price move is $2.40.
BA Reported zero new orders in Jan 2020.
VZ T-Mobile Sprint merger is a negative for Verizon says Credit Suisse
SPY Coronavirus figures could be much larger than Chinese data suggests.
IFF To release earnings this afternoon, expected price move is $9.00
EFX To release earnings this afternoon, expected price move is $7.00.