Home / Business / Lagerfallet, Fed's Powell set to talk

Lagerfallet, Fed's Powell set to talk



US. Stocks were released and assets for secure access increased as investors melted comments from the Federal Reserve Chair Jerome Powell on Tuesday afternoon.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0)) – sm" type = "text" content = "S & P 500 ( ^ GSPC ) edged down 0.61

% or 17.92 points, from 1:19 pm ET Dow ( ^ DJI ) fell 0.37% or 99.51 points while Nasdaq ( ^ IXIC ] ) 1.05% or 85.03 points fell. "data-response time =" 16 "> S & P 500 (^ GSPC) edged down 0.61%, or 17.92 points, from 1:19 pm ET. Dow (^ DJI) fell 0.37% or 99.51 points, while the Nasdaq (^ IXIC) fell 1.05% or 85.03 points.

Five Fed speakers were on the dock to give public comments Tuesday, with Fed Chair Jerome Powell's economic outlook and monetary policy in New York at 1 pm a focus point for investors.

In his comment, Powell emphasized that he and his colleagues closely followed the economic outlook to determine the best course of action for future monetary policy and reiterated that the Fed would "act appropriately to sustain expansion." He noted the rise in risk since the turn of the year. including the threat of additional fees and data on reducing global growth.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This speech comes after President Donald Trump on Monday renewed their attacks & nbsp; on Fed officials resembling them "a stubborn child" & nbsp; to keep prices stable after last week's meeting. He suggested the Fed needed to cut prices " to compensate for what other countries do to us "after global central banks solved their own monetary policy in June." data-reaction time = "19"> This speech comes after President Donald Trump on Monday renewed his attacks on Fed officials who looked like them to "a stubborn child" to keep prices stable after last week's meeting. He suggested that the Fed needed to cut prices "to compensate for which other countries are doing to us," after global central banks released their own monetary policy in June.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Powell on Tuesday underscores the central bank's independence from political sway to control monetary policy. "Data-reaction time =" 20 "> Powell on Tuesday underscores the central bank's independence from political turn to control monetary policy.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – -sm Mt (0.8em) – sm" type = "text" content = "Markets priced with 100% probability for a reduction after Fed's July July meeting from Tuesday afternoon according to CME Group's FedWatch tool. & nbsp; This meant a 66.7% probability for a 25-point cut and a 33.3% probability for a 50 -point reduction. "data-response =" 21 "> Markets priced at a 100% probability of a cut after the Fed's July meeting from Tuesday afternoon, according to CME Group's FedWatch tool. This included a 66.7% probability of a 25-point drop and a 33.3% probability of a 50-point drop.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Long-term government bonds contributed among expectations in the short term to interest rates, with the yield on the 10-year government debt over 2% Tuesday afternoon, other assets in security also increased, with the Japanese yen ( JPYUSD = X ) climbed to its strongest level against the dollar since January. ( GC = F ) fluctuated close to six years high. "Data-response time =" 22 "> Long-term government bonds rose among expectations of a short-term interest rate cut, with the return on the 10-year government debt just above it. 2% Tuesday afternoon. Other assets in security also increased, with the Japanese yen (JPYUSD = X) climbing to its strongest level against the US dollar since January. Gold prices (GC = F) fluctuated close to six years high levels.

Federal Reserve Chairman Jerome Powell Speaks on a TV as a Merchant on New York Stock Exchange in New York, USA REUTERS / Lucas Jackson

<p class = "canvas-atom canvas-text Mb (1.0em) Mb 0) – sm Mt (0.8em) – sm" type = "text" content = "Crude oil price ( CL = F & nbsp; BZ = F) & nbsp; lined higher after Trump on Monday introduced sanctions & nbsp; on Iran's top leader, Ayatollah Ali Khamenei and several other military commander, escalating tensions with one of the world's largest raw exporters. "data-response time =" 34 "> Crude oil price t (CL = F, BZ = F) lined higher after Trump on Monday introduced sanctions against Iran's top leader, Ayatollah Ali Khamenei and several other military commanders, escalating tensions with one of the world's largest raw exporters.

Market participants are waiting for the results of the next meeting of the organization of petroleum exporting countries and associated oil producers that will take place on July 1-2 in Vienna, Austria. According to the CME Group, markets are priced at more than 68% probability of further production cuts due to signals from a slower global economy and subdued oil demand.

STOCKS

<p class = "canvas-atom canvas text Mb AbbVie ( ABBV ) announced that it will acquire the botox maker Allergan (). AGN [19659015]) in a securities agreement with an equity value of approximately $ 63 billion, according to a statement. & nbsp; the transaction and & nbsp Abbvie will pay Allergan shareholders a total of 188, $ 24 per share, equivalent to a 45% premium over Allergan's closing price on Monday, Abbvie said it was $ 188.24 per share in Bristol, expecting the deal to result in at least $ 2 billion in annual praxis synergies and cost reductions at year three in the acquisition. "data ABBV ) announced that it will acquire the botox maker Allergan ( AGN ) in a securities agreement with an equity value of approximately $ 63 billion, according to a statement. The transaction marks the second-largest in the pharmaceutical space this year, after Bristol-Myers Squibb's $ 74 billion proposed the acquisition of Celgene. Abbvie will pay Allergan's shareholders a total of $ 188.24 per share, which corresponds to a 45% premium over Allergan's closing price on Monday. Abbvie said it expects the deal to result in at least $ 2 billion in annual preax synergies and cost reductions after year three of the acquisition.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb) – sm Mt (0.8em) – sm" type = "text" content = " Homebuilder Lennar ( LEN [19659012]) topped consensus expectations in tax results for the second quarter with quotation The company delivered an adjusted profit of $ 1.30 per share on a turnover of SEK 5.56 billion, compared to consensus estimates for $ 1.14 per share on a $ 5.1 billion in revenue The company said lower prices combined with their own incentives helped keep the company on track to deliver more than 50,000 homes by 2019. "data-response time =" 38 "> Homebuilder Lennar ( LEN ) topped consensus expectations in fiscal quarterly results, referring to a recovery housing market as the cause of the surplus. The company delivered an adjusted profit of $ 1.30 per share for $ 5.56 billion in revenue, compared to $ 1.14 per share of $ 5.1 billion in consensus estimates. The company said lower prices combined with their own incentives have helped keep the company on track to deliver more than 50,000 homes in 2019.

<p class = "canvas-atom canvas-text Mb ( 1.0 em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" "The well-documented market break in the second half of 2018 set the stage for more moderate household prices and lower interest rates that stimulated both affordability and demand, which led home buyers back to the market, says Lennar CEO Stuart Miller in a statement. "data-reactid =" 43 ">" The well-documented market pause in the second half of 2018 set the stage for more moderate increases in the domestic market and lower interest rates that stimulated both affordability and demand, leading home buyers back to the market, Stuart Miller says. , Lennar, chairman of a statement.

ECONOMY

] <p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "t ext" content = " Consumer confidence dropped to the lowest level since September 2017 in June according to conference board's monthly index .The Consumer confidence index fell to 121.5 in June, which fell from a downward revised reading of 131.3 in May and snapped Three consecutive months of improvement, indexes tracking consumer estimates of current and future business conditions also fell sharply in June, including "an escalation of trade and customs tensions" earlier this month, the conference board said. "Data response =" 45 " > Consumer confidence dropped to the lowest level since September 2017 in June according to the conference board's monthly index. The Consumer Confidence Index heading fell to 121.5 in June and was released from a downward revised reading of 131.3 in May and snapped three consecutive months of improvement. The index that tracks consumer assessments of current and future business conditions also declined sharply in June, including "an escalation of trade and customs tensions", the conference board said earlier.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " The rate of household price increases slowed for a 13th month in April, according to Stand ard and poor. The household price index S & P CoreLogic Case Shiller recorded an annual increase of 3.5% In April, from 3.7% in March but in-line with consensus expectations, according to Bloomberg data, the 20-City Composite posted an annual profit of 2.5%, compared to 2.6% a month before and marked the slowest rate since August 2012. "data-response time =" 46 "> The rate of home market price increases slowed down for a 13th consecutive month in April, according to Standard and Poor's. The S & P CoreLogic Case-Shiller housing price index recorded an annual increase of 3.5% in April, from 3.7% in March but in-line with consensus expectations, according to Bloomberg data. The 20-City Composite reported a profit of 2.5% over the previous year, compared with 2.6% a month before and marks the slowest rate since August 2012.

<p class = "canvas-atoms-text Mb ( 1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Impaired sales of new households were unexpectedly expected in May a seasonally adjusted yearly rate of 626,000, according to & nbsp; US Census Office This was 7.8% in April upward revised rate of 679,000 and 8.5% under consensus expectations for June reading, according to Bloomberg compiled estimates. "Data response =" 47 "> Impaired sales of new households May to a seasonally adjusted yearly rate of 626,000, according to the US Census Bureau, which was 7.8% upward revised April rate of 679,000 and 8.5% under consensus expectations for June reading, according to Bloomberg Compiled estimates . 19659025] –

<p class = "canvas atom canvastxt Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck "data-reactid =" 49 "> Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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