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The Stock Market Was Up for the Second Day in a Row Ahead of Federal Reserve Chairman Jerome Powell’s Appearance.

Stock futures on the Dow Jones DJIA –0.15 percent, S&P 500SPX –0.13 percent, and Nasdaq CompositeCOMP –0.15 percent have all climbed 0.6 percent, 0.8 percent, and 1 percent, respectively.

S&P 500 futures are predicting that the index would rise approximately 0.8 percent this week if it begins at the level they indicate.

It’s not clear if any one component is responsible for the advances.

Investors, on the other hand, have a lot of money to invest. That suggests that investors are starting to acquire undervalued stocks. A few days ago, Bank of America’s study of fund managers found that they had a higher percentage of their portfolios in cash than the long-term norm.

According to JPMorgan, the value of all cash and cash-like instruments throughout the world has climbed to about 40% of the value of all equities and bonds. That’s the highest it’s been since at least the beginning of 2015. Bond prices may benefit from some of that money as well.

Stocks and bonds could find support in the second half of the year, according to JPMorgan’s cross-asset research analyst Nikolaos Panigirtzoglou.

But markets must still keep an eye on Powell’s comments on Thursday, which are expected to be more upbeat. After the opening bell, he’ll address the House Financial Services Committee for a second time regarding monetary policy. A Fed rate rise would be scaled down if inflation and the economy cooled off significantly, Powell said during his Senate Banking Committee testimony on Wednesday.

A rate rise is a good news for the stock market, which has been down this year in part because of expectations for a large number of them in the future. The Fed is doing its best to keep inflation under control, but in the process, it is likely to reduce overall demand. (The S&P 500’s) the record high was set in early January, and it has since fallen by more than 20 percent.

Homebuilder KB Home KBH +2.42 percent has seen its stock rise by 3.7 percent after saying it expects the housing market to moderate but still expects to meet its revenue targets this year.

Premarket trading for Accenture ACN (ACN) plummeted after the company’s revenue projection for the fourth quarter of fiscal 2007 fell short of analysts’ expectations.

After J.P. Morgan upgraded Snowflake (SNOW) to Overweight, the stock rose more than 5%.

The post The Stock Market Was Up for the Second Day in a Row Ahead of Federal Reserve Chairman Jerome Powell’s Appearance. appeared first on Best Stocks.

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