To The Moon

U.S. stocks fell Tuesday as investors waited for the latest remarks from Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average was down 162 points, or 0.5%. The S&P 500 shed 0.3%, while the Nasdaq Composite traded near the flatline. A speech from Powell before the Economic Club of Washington scheduled for Tuesday afternoon remains top of mind for investors. Markets interpreted a slew of his disinflation comments during last week’s post-meeting press conference as dovish and stocks rallied. Many view the appearance as an opportunity for Powell to offer more clarity on where rates are headed, or clarify some comments made after last week’s 25 basis point rate hike. Minneapolis Fed President Neel Kashkarisaid on CNBC early Tuesday that the Fed has not cooled inflation enough to “declare victory.” “We have a job to do. We know that raising rates can put a lid on inflation,” Kashkari told CNBC’s “Squawk Box.” “We need to raise rates aggressively to put a ceiling on inflation, then let monetary policy work its way through the economy.” Earnings season presses on Tuesday with results from companies such as Chipotle. So far this season, a little over half of S&P 500 companies have reported earnings, with about 69% surpassing expectations, according to FactSet data. $(.DJI)$ $(.IXIC)$ $(.SPX)$