President Trump Slams Federal Reserve, Stocks Hardly React
New York (Aug 21) U.S. stock markets were pointing to a positive opening on Tuesday, Aug. 21, after President Donald Trump criticized the Federal Reserve for raising interest rates.
S&P 500 mini futures tied to September contracts were 0.17% up and Dow Jones Industrial Average mini futures were up 0.23%. Stocks closed higher on Monday, Aug. 20, with the Dow Jones Industrial Average gaining 89 points, or 0.35%, to 25,759, the S&P 500 rising 0.24%, and the Nasdaq adding 0.06%.
Kohl's Corp. (KSS) will report second quarter earnings before the bell Tuesday, with the consensus calling for earnings of $1.65 per share, compared with $1.24 in the same period last year. Shares were up 0.19% in premarket trading, after rising 3.15% on Monday to $78.85.
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TJX Companies Inc. (TJX) will also report earnings, analysts are expecting earnings of $1.05 per share and revenue of $8.99 billion, according to Thomson Reuters consensus data. Shares were up 1.23% in premarket trading, after closing at $101.65 on Monday.
Tesla Inc. (TSLA) shares were up 1.67% in premarket trading, indicated to open at $313.60.
The dollar index, which measures the greenback against a basket of currencies, was down 0.34% to 95.575 after Trump told Reuters in a Monday interview broke from tradition taking aim at the independent Fed.
He said that the U.S. central bank should do more to help him to boost the economy. "I'm not thrilled with his raising of interest rates, no. I'm not thrilled," Trump said, referring to Fed Chairman Jerome Powell, who Trump nominated last year.
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The Fed has raised interest rates twice this year and is expected to do so again next month after consumer price inflation hit 2.9% in July, its highest level in six years. Investors will be closely watching this week's Jackson Hole meeting of central bankers and for any response from Powell who will speak later in the week.
Trump also accused China and Europe of manipulating their currencies. The euro gained 0.29% against the dollar and broke above the $1.15 level.
European markets were mixed Tuesday as investors looked ahead to trade talks between the U.S. and China.
The Europe wide index, the Stoxx 600, was up 0.30%, while London's FTSE 100 down 0.14%, France's CAC 40 gained 0.73% and Germany's Dax was 0.62% up.
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