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U.S. Futures are Slightly Lower on Day Two of Fed Chair Powell’s Testimony to Congress #Fed #TrumpKimSummit #Cohen

U.S. futures are slightly lower on day-two of Fed Chair Powell’s testimony to Congress. At 10am, investors will be watching for cues from day-two of Fed Chairman Powell’s semi-annual testimony before the House Finance Committee. On the political front, President Trump is meeting with North Korea’s Kim Jong Un in hopes to get a timeline for denuclearization in the country. President Trump’s attendance of the summit may get overshadowed by his former lawyer, Michael Cohen, testifying to the House Oversight Committee. Mr. Cohen is likely to accuse the President of wrongdoing during the presidential campaign. On the data front, the trade deficit widened in December to $79.5B as exports fell 2.8% while imports rose 2.4%. Later this morning the market will get a look at December factory orders and pending home sales from January. European shares are lower with most sectors trading lower. British Prime Minister Theresa May said yesterday that she would be open to extending the March 29th deadline for Brexit in order to try to get a deal done. Asian shares closed mostly higher, however, India’s markets were weaker as tensions mount between India and Pakistan.

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