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Analysts at TD Securities point out that  Fed Chair Powell will testify before the Senate Banking Committee at 10:00 ET following the release of the Fed’s Semi-annual Monetary Policy Report last Friday and will be a key event for today’s session.

Key Quotes

“We look for Powell to reiterate the case for gradual rate hikes and will focus on any comments on trade risks, the yield curve or operational procedures (IOER or the balance sheet).”

“On the data front, TD looks for an above-consensus 0.6% (market: 0.5%) increase in industrial production for June. Manufacturing output should post a 0.8% (market: 0.6%) increase on a rebound in auto production while unseasonably warm weather will help support utilities.”

“The NAHB Housing Market Index for July will round out the calendar and the market looks for an unchanged read of 68.”