Federal Reserve Chair Jerome Powell enters his second day of Congressional testimonies, updating the Senate Banking Committee about the status of the US economy and the Fed's progress in lowering inflation on Thursday.
Stock futures are rolling with Wednesday's gains, ticking up ahead of the opening bell as chip stocks — including Nvidia (NVDA) and Micron Technology (MU) — lead the way for the overall tech sector into the green.
New York Community Bancorp (NYCB) has secured $1 billion in capital from private investors, also disclosing it lost 7% of deposits over the past month as leadership tries to steer the regional bank into recovery mode.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
SEANA SMITH: So let's get right to it. The three things that you need to know, your roadmap for the trading day. "Yahoo Finance's" Jennifer Schonberger, Jared Blikre, and Madison Mills have more.
JENNIFER SCHONBERGER: Federal Reserve Chair Jerome Powell back on the hot seat this morning for the second day of his semiannual testimony before Congress. This time, before the Senate. Powell told house lawmakers on Wednesday that the Fed is likely to cut rates at some point this year, but not until officials get more data to verify and feel fully confident that inflation is heading back towards the Fed's 2% inflation target.
Powell also said he expects to make broad material changes to the Fed's proposed capital requirements known as Basel III.
JARED BLIKRE: And futures are in the green this morning with tech stocks taking the lead yet again. AI Darling chip stocks, NVIDIA and Micron Technology, they are both top trending tickers on "Yahoo Finance's" home page. They are set to extend their gains from the prior session.
The AI-driven surge in stocks over the past year has raised questions about whether the market is in a bubble that has all but popped. But NVIDIA continues to defy Wall Street fears.
MADISON MILLS: And New York Community Bank continuing its challenges after news that it lost 7% of its deposits in just one month. Now, after that month, the bank making its dramatic attempt to regain investor confidence, working to get an infusion of capital, announcing a new CEO, and a $1 billion infusion from an investment firm run by former Treasury Secretary Steven Mnuchin.
Those shares initially tanking following the report that NYCB was still on the hunt for investors. But having said that, after that deal was announced, we did see the stock recovering a bit. Those shares are up a little over half a percent heading into the pre-market trade today.
