Dow Jones Industrial Average (DJIA) futures slide on Tuesday, set to end June flat.
Federal Reserve chairman Jerome Powell will issue a gloomy statement to Congress today.
He’s expected to warn of an “uncertain” future but reiterate Fed support.
Monday’s optimistic gains on the stock market were quickly dashed overnight. Dow Jones Industrial Average (DJIA) futures point to a dismal open on Tuesday, down 110 points.
The selloff came ahead of Federal Reserve chairman Jerome Powell’s remarks to Congress today. He’s expected to strike another gloomy tone, warning of an “extraordinarily uncertain” future. In prepared notes, he’s expected to say that economic recovery is a long way off.
A full recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.
Despite the doomsday rhetoric, Powell is likely to re-iterate the Fed’s support for the economy and financial markets.
Dow futures in triple-digit plunge
The stock market couldn’t hold on to yesterday’s promising rally, with Dow futures plunging 120 points overnight. The World Health Organization (WHO) deepened the rout with its chilling ‘worst to come’ warning.