Stock futures inched higher in overnight trading as Federal Reserve Chair Jerome Powell said the central bank is open to higher rate hikes if needed.
Stock futures inched higher in overnight trading after Federal Reserve Chair Jerome Powell said the central bank is open to higher rate hikes to combat rising inflation. Futures on the Dow Jones Industrial Average rose 40 points. S&P 500 futures rose 0.08%, and Nasdaq 100 futures were flat. Nike shares rose 6% in extended trading on Monday after the retailer reported a beat on the top and bottom lines in the third quarter, buoyed by strong demand in North America. The Monday trading session was volatile as Powell vowed to take «necessary steps» to curb inflation less than a week after the agency raised rates for the first time since 2018. Powell said «inflation is much too high» and added that rates could increase more than the previously approved 25 basis points if needed.
