The Day Ahead: Jerome Powell Testimony, Weekly Jobless Claims & NBA Draft

Closing Bell

Take a look ahead of the event. Sure to move markets tomorrow. So Fed chair Jerome Powell is going to give a second day of testimony to the House Financial Services Committee. This is routine testimony comes after he spoke at his semi annual monetary policy report in front of congress today. He said inflation remains well above the long term goal of 2%. We also set to receive the US weekly jobless claims report tomorrow. That's routine on Thursday tracks the number of Americans filing for first time unemployment benefits on the state level. The last two weeks, reports showed elevated levels for seasonally adjusted claims. The highest numbers that we had seen since October of 2021 and the Fed chair is citing today that the labor market while still very strong is starting to show some signs of tightening and an evident sharing hearing regarding the Microsoft Activision blizzard merger starts tomorrow. The Federal trade Commission is seeking a preliminary injunction to block Microsoft from completing a $69 billion deal. The FTC argued the merger violates antitrust rules and the deal has a termination date of July 18 if the court grants the injunction. It would effectively kill the deal resulting in a $3 billion termination fee from Microsoft. And the 2023 NBA draft is going to take place tomorrow in Brooklyn New York at the Barclays Center starting at 8 p.m. Eastern. This year's number one pick is expected to go to French basketball player, Victor. We'll see who takes him. Ok?