Jerome Powell speaks; Steel tariffs; Big earnings day

1. Powell talks, markets listen: US Federal Reserve chair Jerome Powell will appear before the Senat...

Posted: Mar 1, 2018 12:46 PM
Updated: Mar 1, 2018 12:46 PM

1. Powell talks, markets listen: US Federal Reserve chair Jerome Powell will appear before the Senate Banking Committee on Thursday.

The new central bank chief made investors nervous on Tuesday, when comments made before the House Financial Services Committee suggested faster-than-expected interest rate hikes.

Powell took over from former Fed boss Janet Yellen less than a month ago, and investors are still hungry for clues on how he will steer the central bank.

2. Tariff talk: President Trump could slap new, high tariffs on steel and aluminum imports on Thursday, according to media reports.

The Commerce Department sent Trump several recommendations last month, including across-the-board tariffs and stiffer targeted penalties on certain nations that sell steel and aluminum in the US.

Both metals are crucial raw material for autos, airplanes and appliances made in the US. The construction, oil and utility industries use the metals for beams, pipelines and wires, as well as cans for food and drinks.

Imports make up about a third of the 100 million tons of steel used by American businesses every year.

"Trade protection [of this kind] remains a key risk to our generally optimistic economic and market view," said Paul Donovan, global chief economist at UBS Wealth Management. "The trend towards protectionism is ... worrying for markets."

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

3. Earnings: AMC Entertainment, Barnes & Noble, Best Buy, Kohl's and Sotheby's will report quarterly results.

Gun-maker American Outdoor Brands, along with Equifax, Gap and Nordstrom will release earnings after the close.

Shares in Anheuser-Busch InBev shot 6% higher in Brussels after the brewer reported results.

Shares in advertising conglomerate WPP were down 14% in London after it told investors that 2017 "was not a pretty year."

4. Auto focus: US auto manufacturers will report February sales data on Thursday.

5. Global market overview: US stock futures were soft and European markets dipped in early trading.

Asian markets ended the day with mixed results.

The Dow Jones industrial average dropped 1.5% on Wednesday and the S&P 500 and Nasdaq also declined.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:

Thursday - Earnings from Best Buy, Kohl's, Nordstrom, Gap and Barnes & Noble; Powell testifies before the Senate Banking Committee
Friday - Foot Locker and JCPenney earnings

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 14372

Reported Deaths: 693
CountyConfirmedDeaths
Hinds95924
Lauderdale71358
Madison69422
Scott63010
Neshoba58937
Jones56622
Forrest52338
DeSoto5036
Leake40012
Rankin3856
Holmes38524
Jackson30313
Copiah2904
Attala28415
Newton2564
Monroe25225
Leflore25130
Lincoln25024
Harrison2477
Lamar2315
Yazoo2274
Pearl River20631
Pike20311
Adams19015
Lowndes1899
Noxubee1736
Washington1667
Warren1597
Bolivar15411
Wayne1540
Oktibbeha15411
Jasper1524
Smith14511
Covington1431
Clarke13818
Kemper13611
Chickasaw13012
Lafayette1274
Lee1245
Carroll11511
Coahoma1144
Marion1149
Clay1084
Winston1051
Lawrence1021
Simpson950
Hancock8711
Wilkinson859
Yalobusha855
Grenada853
Itawamba847
Montgomery811
Union805
Sunflower783
Jefferson Davis772
Marshall773
Tate741
Tippah7111
Claiborne692
Panola643
Calhoun634
Webster611
Humphreys587
Amite561
Tunica533
Walthall520
Perry503
Prentiss423
Jefferson400
Choctaw342
Stone300
Pontotoc293
Tishomingo280
Franklin282
Tallahatchie261
Quitman250
George211
Benton150
Alcorn141
Greene91
Sharkey70
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 16530

Reported Deaths: 591
CountyConfirmedDeaths
Mobile2124112
Jefferson1712100
Montgomery154134
Tuscaloosa67813
Marshall6689
Lee53332
Franklin5147
Shelby48419
Tallapoosa41864
Butler39213
Chambers34924
Madison3184
Elmore3137
Walker2991
Baldwin2819
Etowah24411
Dallas2443
DeKalb2413
Morgan2311
Coffee2241
Lowndes22210
Sumter2136
Autauga2053
Houston1884
Bullock1833
Pike1790
Colbert1612
Russell1590
Marengo1556
Lauderdale1532
Calhoun1523
Hale1517
Choctaw1488
Wilcox1347
Barbour1321
Clarke1292
Randolph1257
Marion11911
St. Clair1161
Pickens1014
Talladega1003
Dale990
Chilton971
Cullman960
Greene924
Limestone870
Winston820
Covington771
Jackson752
Crenshaw722
Bibb711
Henry712
Macon712
Washington666
Blount581
Escambia493
Lawrence460
Geneva400
Conecuh351
Coosa351
Monroe352
Perry350
Cherokee342
Clay272
Lamar210
Fayette130
Cleburne131
Unassigned00
Tupelo
Clear
66° wxIcon
Hi: 84° Lo: 63°
Feels Like: 66°
Columbus
Broken Clouds
68° wxIcon
Hi: 85° Lo: 64°
Feels Like: 68°
Oxford
Broken Clouds
64° wxIcon
Hi: 77° Lo: 60°
Feels Like: 64°
Starkville
Broken Clouds
63° wxIcon
Hi: 83° Lo: 60°
Feels Like: 63°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather