U.S stock market set to extend gain after Powell reiterated inflation remark

On Tuesday, Fed Jerome Powell comments that the inflation pressure should be temporary and very, very unlikely to see 1970s inflation style. The comments help to soothe the market sentiment and let the stock market trading higher.

Despite the comments, traders will continue to stay alert and monitor closely the data releases. Today, U.S unemployment claims increase to 411k vs. 382k expectation.

Asian & European Stock market

The Asian stock market mostly flat. Japan Stock market up 0.34 points (+0.00%) to 28,875.23, China stock market up 0.43 points (+0.01%) to 3,566.65 and Australia ASX 200 down 23.20 points (-0.32%) to 7,275.30. The European stock market mostly higher. DAX Germany up 0.69%, UK FTSE up 0.42%, and Euro STOXX600 up 0.63%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index slowly recovering after previous week downturn. The index currently trading near the daily SMA 50 while the index futures currently higher by nearly 200 points. If the index could breakout and close above the daily SMA 50 then traders will expect further upside.

Interactive Brokers Group Inc (IBKR)

IBKR share prices slowly moving lower and reached the daily SMA 200. The share prices showed a bullish reaction from the averages and currently moving upward. If the bullish pressure could be maintained then the share prices could continue higher to test daily SMA 50 & 100 also the trendline.