Futures muted; Trump's party wins full control of Congress - what's moving markets
Investing.com - US stock futures hovered around both sides of the flatline on Thursday, with inflation data and commentary from Federal Reserve speakers in focus. Republicans gain a majority in the US House of Representatives, giving the Donald Trump's party a grip over both chambers of Congress.
Meanwhile, the opposition Democrats will be in the minority in both the House and Senate when the new legislative session begins in January, although Democratic House leader Hakeem Jeffries said the Republicans will have only a"razor-thin majority." The group, which is viewed as a gauge for corporate spending on technology, said it now expects annual revenue to be between $55.3 billion and $56.3 billion. Although this was up from a prior forecast of $55.0 billion to $56.2 billion, the midpoint of the guidance range was below the $55.9 billion projected by Wall Street.
Revenue for the quarter ended on Oct. 26 dropped by 6% to $13.84 billion, topping expectations, while adjusted profit per share also beat estimates. Prior to the earnings, the stock had climbed by more than 17% so far this year.Markets will also likely be following comments on the outlook for the economy from Fed Chair Jerome Powell on Thursday.
Media reports have also suggested that this uptick in volatility could exacerbate the possibility of a clash between the Fed and the Trump White House. Last week, Powell flatly rejected notions that Trump could dismiss him from his post, telling reporters that he would not resign if asked to by the upcoming administration.
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