Stocks Edge Lower Ahead of Powell Testimony and Jobs Data; Retail Earnings In Focus
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U.S. stock futures edged lower as investors awaited more testimony from Fed Chair Jerome Powell and key jobs data later this week.
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Earnings reports due from retailers Costco and Kroger today; Costco has benefited from demand for cheaper groceries while Kroger has cut its outlook partly due to lower consumer spending.
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Shares in New York Community Bancorp spiked after the embattled lender secured a $1 billion cash infusion from investors.
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China's trade surplus grew more than expected in the first two months of 2023, boosted by resilient export demand and an uptick in holiday spending driving imports.
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Oil prices dipped, cutting short a recent rally, as traders weighed demand signals from top importer China and mixed cues on U.S. interest rates.