To The Moon

🇺🇸 The U.S. stocks opened mixed. Stocks are generally suppresed, pending  Federal Reserve Chair Jerome Powell's latest comments on the state of the economy and where he expects interest rates to go forward, in his testimony to the Congress today.The S&P 500 and DJIA opened the stock market innegative. $NASDAQ(.IXIC)$ had gained 29 points at opening.

Powell's sent U.S. stock market down:

Then came news that the Fed Chief suggested to the Congress that rates may need to go higher for longer to curb inflation. That sent all the three major indicators of the stocks crashed into negative. Dow fell 200 points, or -0.6%, while the S&P 500 traded 0.9% lower. $NASDAQ(.IXIC)$ lost 0.94%. 

Quotes from The Chief:

Powell said, "The latest economic data have comein stronger than expected, which suggests that theultimate level of interest rates is to be higher than previously anticipated. If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."

U.S. stocks ⬇️ going forward:

The Fed Chief's commentary would determine the market's direction within this week. Theoretically when interest rates go up, equities go down. Looks likely the stock market is done with the February rally. It's dipping time in March for the U.S. stocks. 

Anyone keen on buying the dip?

Sea Ltd is a bright spot. It has gained 14.21% after its financial results released earlier today.

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The above information is for reference. Do DYODD before making any trade.

Good Luck. 🍀 

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@VideoLounge @MillionaireTiger @TigerStars