Weekly reviews

US equity futures moved lower ahead of Fed’s Yellen testimony

Wall Street indexes touched record highs on Monday as market participants maintained a bullish stand on President Donald Trump's economic measures.

The S&P 500 rose 12.15 points during the session, with financials adding more than 1 percent. The index reached a market cap of $20 trillion for the first time in history.

The Dow Jones industrial average was up 140 points, supported by investment bank Goldman Sachs. The Nasdaq composite also moved higher thanks to an outstanding growth of Apple shares, which ended at an all-time high on a post-earnings rally.

The technology company has grown about 10 percent since January, following an upbeat fourth quarter earnings. Apple CEO Tim Cook said figures were supported by a strong demand for the iPhone 7 Plus, surpassing the company’s sale forecast.

  • Dow Jones Industrial Average: +0.48 percent / 20,269.37 points

  • Standard & Poor’s 500: +0.36 percent / 2,316.10 points

  • Nasdaq Composite: +0.33 percent / 5,734.13 points

US equities have rallied last week after President Donald Trump promised to announce a “phenomenal” tax reform for individuals and business in next two or three weeks. His words renewed speculation over solid economic growth and higher inflation.

There were no relevant economic reports on Monday and traders shifted their focus into this week’s main event: Fed Governor Janet Yellen testimony before the Senate Banking Committee, set at 15:00 GMT on Tuesday.

Investors will also pay close attention to the Producer Price Index for January, with analysts pointing at a 0.3 percent growth rate. Richmond Federal Reserve President Jeffrey Lacker will give a speech at 13:50 GMT, followed by Dallas Fed President Robert Kaplan at 18:00 GMT and Atlanta Fed President and CEO Dennis Lockhart at 18:15 GMT.

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