Federal Reserve Chairman Jerome Powell heads to the Senate for the second day of his congressional testimony following his markets-approved address to the House. Powell's comments to the House Financial Services Committee Wednesday were level-headed and rather implicit as usual, yet all indications were that there will be an interest rate cut soon. "Inflation pressures remain muted," Powell said. He mentioned the 3.1% wage growth is certainly not a negative, but that it's not enough to support higher inflation. The Fed's inflation target remains at 2%.
But there's more to this market than the Fed:
Global oil markets extended gains, lifting U.S. crude prices to six-week highs.
Delta (DAL - Get Report) reported earnings and beat estimates on both top and bottom lines, sending the stock higher by 2.2% in premarket trading. Delta was the first of the major airlines to report. The entire airline group -- American Airlines (AAL) , Southwest Airlines (LUV - Get Report) and United Airlines (UAL - Get Report) -- traded higher Thursday morning.