US shares rising at lunch as buyers get upper hand ahead of Fed speech

US shares rising at lunch as buyers get upper hand ahead of Fed speech

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12.20pm: Wall Street shares ahead at lunch US stocks were ahead at lunch having been seeing red earlier as traders awaited a speech from the Fed chairman and oil prices surge after a report suggesting OPEC+ will extend output cuts. The Dow Jones Industrial Average advanced around 133 points at 31,403, while  the S&P 500 gained around 15 at 3,834.  The Nasdaq added  around one point at 12,999. "Wall Street has swung between gains and losses ahead of a speech by the Fed chairman, while in London mining stocks are firmly in retreat," noted Chris Beauchamp, the chief market analyst at online trading group IG. "It has been a closely-fought contest this afternoon between buyers and sellers but overall it looks like the buyers might be gaining the upper hand ahead of a speech by Jerome Powell. "The speech has been invested with plenty of importance by markets, who are looking to the head of the Fed to provide some calming words, and if he fails to provide this then we could see the advantage handed back to the sellers. US indices started the day in poor fashion and have made some tentative recoveries, but overall the tantrum over yields does seem to have subsided to an extent." 10.30am: Proactive North America headlines: Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) encouraged by drill assays from South East Mount Isa project, Australia Nextleaf Solutions Ltd (CSE:OILS) (OTCQB:OILFF) (FRA:L0MA) supplies its Rapid Emulsion Technology to cannabis-infused beverage manufacturer BevCanna Enterprises NetCents Technology Inc (CSE:NC) (FRA:26N) (OTCQB:NTTCF) sees cryptocurrency transaction volumes top C$6.7M in February FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) (FRA:4UY) subsidiaries apply for UK gambling licenses Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) (FRA:G3U) reports record mine operating earnings and cash flow for 2020 despite pandemic challenges Jack Nathan Medical Corp (Jack Nathan Health) (CVE:JNH) (OTCQB:JNHMF) shares debut on the OTCQB Venture Market Empower Clinics Inc (CSE:CBDT) (FRA:8EC) (OTCQB:EPWCF) receives more than $10.5M from the exercise of warrants Loop Insights Inc (CVE:MTRX) (OTCQB:RACMF) names experienced global eCommerce and brand executive Ian Cameron as new VP of marketing Esports Entertainment Group Inc (NASDAQ:GMBL) (FRA:40Y1) strikes deal to be official esports tournament provider sponsor of the New England Patriots and the New England Revolution Pure Gold Mining  Inc (CVE:PGM) (LSE:PUR) (OTCMKTS:LRTNF) reveals high grade gold mineralization at three targets outside of current Red Lake resource area 10am: US stocks make lacklustre start US benchmarks made a lacklustre start on Thursday as traders await the comments from Fed chair Jerome Powell. The Dow Jones Industrial Average nudged up around nine points though at 31,279. The S&P 500 shed nearly nine at 3,810 and the tech-laden Nasdaq exchange shed nearly 86 points at 12,911 Markets are also eyeing macro data, such as the latest weekly jobless claims numbers after a weaker than expected ADP payrolls report for February yesterday, which saw 117,000 jobs added, which was well below expectations of 200,000. 7.05am: Weak start expected US stocks are expected to open lower on Thursday, extending the previous session’s retreat as investors await comments from Federal Reserve chairman Jerome Powell about the economic outlook. Futures for the Dow Jones Industrial Average futures edged 0.3% lower, while S&P 500 index futures shed 0.4%, and Nasdaq-100 futures lost 0.6% as technology stocks bear the brunt of the market’s concerns having risen strongly. Investors are hoping Powell will answer questions on how he views a recent jump in bond yields when he speaks at The Wall Street Journal Jobs Summit at 12.05pm ET. The yield on the 10-year US Treasury note ticked down to 1.464% having jumped to 1.469% on Wednesday, its second-highest level this year and ending three days of declines. US central bank officials have previously said that they will keep monetary policy loose until the economy is stronger, and that they view the rise in yields as a signal that investors are optimistic about the economic recovery. Expectations have been bolstered by President Biden’s proposed $1.9 trillion coronavirus (COVID-19) relief package. Democrats in the Senate agreed on Wednesday to narrow eligibility for some of the direct payments that are part of the bill, a concession to centrists whose support is needed to pass it. Investors will also eye the latest US jobless claims for the week ended February 27, due at 8.30am for signs that employment is recovering, particularly ahead of Friday’s always-key US non-farm payroll data for the full month. Investor faith in the economic rebound was unshaken by data released overnight that showed US private payrolls rose less than expected in February. Five things to watch on Thursday: The UK competition regulator said it has opened an investigation into Apple Inc after complaints that the iPhone maker’s terms and conditions for app developers are unfair and anti-competitive Exxon Mobil is suing Australia’s Macquarie Energy in a Texas court in a $11.7 million lawsuit over missed deliveries during last month’s winter freeze in the central United States Boeing-backed supersonic jet maker Aerion said on Wednesday Berkshire Hathaway’s private aircraft firm, NetJets, has obtained purchase rights for 20 of its AS2 business jets Deliveroo said it plans a London stock market listing that could value the British food delivery firm at around $7 billion and mark the biggest new share issue in Britain in three years The US Postal Service (USPS) said on Wednesday it is offering early retirement to non-union employees as it consolidates postal districts in an effort to stem billions in red ink

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