U.S. stocks are falling as investors await Powell speech

Investing.com — U.S. stocks were falling, struggling to maintain a multi-day rally ahead of comments from Federal Reserve Chair Jerome Powell, which could provide guidance on future monetary policy.

At 10:55 ET (14:55 GMT), the was down 74 points or 0.2%, while the was down 0.1% and the  was down 0.1%.

Wall Street’s benchmark indices traded narrow ranges on Wednesday, with the broad-based S&P finishing up just 0.1%. However, this marked its eighth consecutive up day, its longest winning streak since 2021. The tech-heavy Nasdaq also gained 0.1%, a ninth winning day, while the 30-stock Dow slipped by 0.1%, breaking a run of seven positive days.

Powell returns to the spotlight

Trading is expected to be muted again Thursday as investors await comments from a slew of Fed speakers, including a speech from Fed boss at a conference in Washington, D.C., later in the session. 

A degree of confidence has returned to Wall Street on hope that the Fed’s prolonged tightening cycle is now done, with some traders having started to factor the probability of a rate cut coming in the first half of next year.

However, some Fed officials have warned against complacency in recent days, saying there is more work to be done to get inflation back to the central bank’s 2% target rate.

Powell spoke at a separate event in the U.S. capital on Wednesday, but did not comment on monetary policy. This is unlikely to be the case today, and investors will be looking for a steer on future interest rate levels.

New came in about as expected, with 217,000 filings last week, down slightly from the prior week.

Walt Disney shines with 4Q results 

Luxury fashion firm Tapestry (NYSE:) beat profit expectations but missed on revenue, and its full year 2024 outlook was about inline with estimates. Shares rose 3.8%. Casino operator Wynn Resorts (NASDAQ:) reports after the closing bell.

Walt Disney (NYSE:) will also be in focus after the entertainment giant beat earnings forecasts in its fiscal fourth quarter, thanks in large part to subscriber growth at its streaming services as well as higher attendance at its theme parks in Shanghai, Hong Kong and California. Shares rose 7.5%.

Oil recovers despite demand worries

Oil prices edged higher Thursday, attempting to recover from their lowest levels in more than three months although worries of waning demand in China and the U.S., the two biggest economies in the world, remain.

Data released earlier Thursday showed that China, the world’s biggest oil importer, fell back into disinflationary territory in October. 

This followed the , an industry body, stating that oil stocks rose by almost 12 million barrels last week. If confirmed by official data, that would be the biggest build since February. 

(Peter Nurse and Oliver Gray contributed to this item.)