Premarket: Apple is green

From “Global Stocks Rise Ahead of Powell’s Comments” ($) on WSJ.com:

Global stocks drifted higher Wednesday as investors await views from Federal Reserve policy makers on the health of the U.S. economy, and a flurry of earnings reports from major American companies.

Futures tied to the S&P 500 rose 1%, suggesting the blue-chip index could open higher. The Stoxx Europe 600 ticked 0.2% higher, as gains for shares in oil-and-gas companies offset losses for utility stocks.

Federal Reserve Chairman Jerome Powell’s comments on the prospects for the economy, when he holds a press conference at 2:30 p.m. ET, will be closely monitored by investors. His views on the tools and options available to the Fed if the situation deteriorates further will be of particular interest as the coronavirus pandemic triggers a pronounced contraction in global output. U.S. officials have largely ruled out experimenting with negative interest rates…

After cutting interest rates to near zero in mid-March, the Fed began a torrent of bond-buying programs to stabilize markets, while offering support to other corners of the market to bolster the availability of credit. These measures have helped stocks stage a rapid recovery in the face of a deep recession.

Investors will seek to learn how long the Fed expects the economic downturn to last, said Eddy Loh, senior investment strategist at Maybank Group Wealth Management.

My take: Tomorrow investors’ eyes will be on Apple.