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US Stocks Set For Positive Start As Jerome Powell Heads To Capitol Hill: Analyst Flags This As 'Turbo Boost' That Market Is Waiting For

The equity market appears to be on track to build on gains, with the major index futures firmly in the green early Tuesday. Traders apparently are discounting a dovish message from Federal Reserve Chairman Jerome Powell on the first day of the semi-annual monetary policy testimony before Congress. In a speech last week, the central bank chief remarked about the recent progress on disinflation, which raised hopes of rate cuts this year, Tech stocks rose ahead of the catalyst and bond yields were modestly higher. The futures market has priced in a pause decision at the July meeting, although assigning a 77% probability for a September rate cut. The imminent release of twin inflation reports over the next two sessions and apprehension ahead of the reporting season could introduce caution, especially as the market trades at overbought levels. Futures Performance (+/-) Nasdaq 100 +0.39% S&P 500 +0.24% Dow +0.13% R2K +0.19% In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.23% to $556.53 and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.38% to $499.22, according to Benzinga Pro data. Cues From Last Session: Amid a lack of any major catalysts, stocks went about a volatile ride on Monday before closing mostly higher, with IT stocks and defensive lending support. The Nasdaq Composite and the S&P 500 indices stayed mostly in the green before closing modestly higher, setting intraday and closing records, The 30-stock Dow Jones Industrial Average surrendered its early gains and pulled below the unchanged ...