In early morning trade, stock futures were barely moved after Federal Reserve Chair Jerome Powell stated the central bank is open to higher rate hikes to tackle growing inflation.
The Dow Jones Industrial Average’s futures increased 17 points or 0.05 percent. Both the S&P 500 and the Nasdaq 100 futures were slightly lower.
Nike stock jumped more than 5% in extended trading on Monday after the retailer surpassed expectations on the top and bottom lines in the third quarter, thanks to robust demand in North America.
Powell promised to take “necessary steps” to contain inflation less than a week after the Fed increased rates for the first time since 2018. The trading session on Monday was tumultuous. “Inflation is much too high,” Powell said, adding that rates might be raised further than the previously agreed 25 basis points if necessary.
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