September 8, 2022

Markets:

U.S. stock futures were little changed Thursday following an afternoon rebound rally in the prior trading session that helped all three major averages log gains of well above 1%.

On Wednesday, the S&P 500 surged 1.8%, the Dow Jones Industrial Average about 1.4%, and the Nasdaq Composite 2.1% – snapping a seven-day streak of declines and notching its biggest jump in four weeks.

All eyes will be on Federal Reserve Chair Powell Thursday morning when he speaks at the Cato Institute’s 40th Annual Monetary Conference in Washington D.C. around 9:10 a.m. The appearance will mark Powell’s final public remarks before the U.S. central bank’s next policy announcement September 21.

In commodity markets, oil prices nudged slightly higher after settling at a fresh seven-month low. On Wednesday, West Texas Intermediate crude oil tumbled 5.7% to settle at $82.32 per barrel, the lowest level since Jan. 13., and brent futures dropped 5.4% to settle at $87.62 per barrel.

Portfolio:

Today is all about the Fed and Fed Chair Powell's speaking event at Cato Institute’s 40th Annual Monetary Conference in Washington D.C. around 9:10 a.m. The appearance will mark Powell’s final public remarks before the U.S. central bank’s next policy announcement September 21.  Main driver for the market today and short term.  Based on his comments will surely be the driver.  Expect swings and stay patient.  We enter the session holding COMM and CNHI.  Right now, no changes needed and we patiently await Fed Powell.  Be ready today and let's have a great session.