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Daily Market Update
with JJ Kinahan

5 min read

Powell Heads to the Hill and Nike Prepares to Report, but Virus Could Share Spotlight

(Tuesday Market Open) Will it be Powell and Nike (NKE) to the rescue after Monday’s steep slide? Stay tuned to find out.

Fed Chairman Jerome Powell is up on Capitol Hill later this morning and NKE reports earnings after the close. Both could provide welcome distraction from what’s turning into the worst September in 18 years. The S&P 500 Index (SPX) briefly fell into 10% correction territory intraday Monday. 

The question is what, if anything, could help this market find some footing. The fact that the Nasdaq (COMP) stormed back from its lows late yesterday and the SPX managed to bounce off of a key support level near 3240 both could hint toward something better. Also, stocks in Europe managed to recover a bit today, and bonds are holding steady.

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