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Stocks Making Modest Gains, Chair Powell Less Hawkish, Data Dependent

US STOCKS
  • US equities are climbing higher in recent trade, the e-mini S&P futures extending session highs in the last few minutes, front-month futures to 4003 before scaling back to 3998.0.
  • Support may be tied to modest pushback from Tuesday's more hawkish testimony to Congress by Fed Chairman Powell today.
  • Powell concedes the upcoming NFP Friday, CPI and PPI inflation metrics next week are "going to be important in our assessment," however, "we have not made any decision about the March meeting. We’re not on a preset path."
  • From a technical standpoint, continued gains puts focus on resistance at 4082.50, the Mar 6 high, a break required to reinstate a bullish theme.

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